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FEDERAL HOUSING ADMINISTRATION WASHINGTON STEWART MCDONALD December 21, 1938 ADMINISTRATOR The Honorable Marriner S» Eccles, Chairman Board of Governors of the Federal Eeserve System Washington, D. C. Dear Marriner: As you undoubtedly know, on December 13 the President approved an increase of $1,000,000,000 in the amount of outstanding principal of mortgages which may "be insured "by the Federal Housing Administration, making an aggregate of $3,000,000,000. This action was taken in accordance with Section 203 (a) of the National Housing Act* Knowing of your interest in the operations of the Federal Housing Administration, it occurs to me that you may wish to see the enclosed editorials and press notices which show the wide-spread approval of the President's action. Sincerely yours, Stewart McDonald, Administrator. Enclosures December 29, 1938 Honorable Stewart McDonald Federal Housing administrator Washington, D. C. Dear Stewart: 1 have yours of December £1 enclosing pages from several newspapers containing editorials or news stories respecting the recent increase of $1 oiilion in 6he amount of outstanding principal of mortgages wnich may ue insured by the Federal Housing ^dminiotration, -these editorials and news it eras uniformly commend the action oi the President in approving the increase referred to and likewise speak most • favorably of the ^dministration's housing program. Having been keenly interested' in the ^dministration's housing legislation, first in its inception, and later on in proposed amendments both of Federal Housing administration regulations and the ^ct itself, 1 am naturally gratified at the universal approval accorded the operations of the Federal Housing administration. I also wish to congratulate you for tne success of the program as I fully appreciate the problems you hall to contend with when you took over the reins. Much of the credit for the present' success of the housing program and its universal acceptance by tne public is due to your enthusiastic administration of the .act. kind regards, I am Yours sincerely, k. 5. Eccies Ohairman remm LC/fgr The following articles are protected by copyright and have been removed. The citations for the original articles are: New York Times, “President Extends Housing Aid Limit in FHA By Billion,” December 14, 1938. Washington Post, “Symptom of Recovery,” December 15, 1938. Washington Star, “Home Building,” December 15, 1938. New York Herald Tribune, “A Billion Well Invested,” December 15, 1938. Baltimore Sun, “FHA to Boost Loan Fund to $3,000,000,000,” December 14, 1938.
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