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Carolina Watchman
Salisbury, Rowan County, North Carolina
What is this article about?
President Roosevelt presents plan to Congress for refinancing home mortgages with $2 billion in federal funds, including creation of savings and loan associations, bond issuance, 5% interest rates, and limits to homes under $10,000, as part of New Deal to help homeowners.
Merged-components note: Continuation of the story on President Roosevelt's plan to refinance home mortgages.
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President presents another major plank in his "new deal" program; requests congress to pass immediate legislation to aid "the forgotten man" to hold mortgaged home.
President Roosevelt Thursday presented to the congress his plan to refinance home mortgages. His proposal would make two billion dollars immediately available for refinancing mortgages on homes. The president proposed:
1. Creation of federal savings and loan associations with a total capital of two billion dollars, to refinance mortgages on homes.
2. Issuance of bonds to the amount of two billion dollars.
3. Reduction in interest rates to five per cent.
4. Bonds exchanged for mortgages.
5. Refinancing limited to homes valued at $10,000 or less.
6. Funds made available for payment of taxes, the advance to be retired with loan.
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Domestic News Details
Event Date
Thursday
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Outcome
requests congress to pass immediate legislation to aid homeowners; proposal includes creation of federal savings and loan associations with two billion dollars capital, issuance of bonds, reduction in interest rates to five per cent, bonds exchanged for mortgages, refinancing limited to homes valued at $10,000 or less, funds for payment of taxes to be retired with loan.
Event Details
President Roosevelt presented to congress his plan to refinance home mortgages, making two billion dollars available, as another major plank in his "new deal" program to aid "the forgotten man" to hold mortgaged home.