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JFHA Form No. 12 FEDERAL HOUSING ADMINISTRATION MEMORANDUM DATE 1 0 - 3 0 - 3 5 TO: SU B JECT— T.V.A. — •*° 16—3401 Electric Home & Farm Authority, Inc. ELECTRIC HOME & FARM AUTHORITY The cost under this system varies from approximately 11 percent to 15*7 percent. Under the Federal Housing Administration system the maximum is 9*716 percent, though many lenders are charging less than the maximum $5 discount allowed, making loans at rates which bring the cost down to approximately 8 percent. Stewart McDonald Administrator FEDERAL HOUSING ADMINISTRATION WASHINGTON STEWART MCDONALD ADM 1N1STRATOR October 30, 1935 Honorable Marriner S. Eccles Federal Reserve Board Washington, D» C. Dear Mr* Eccles: The attached chart (Chart A ) , showing cumulative total under Title I and Title II, was just presented to me and I hasten to send it to you, as it indicates clearly the progress of the FHA program this year# These figures sham that the combined total business under Titles I and II at the present time is between #50,000,000 and #60,000,000 per month, each title contributing approximately one-half• As you note, we are now operating at a rate approaching #750,000,000 per annum• This is all private capital furnished by some 13,000 banks and other lending institutions throughout the United States. Chart B shows the volume and cost of insuring operations under Titles I and II, the black area showing that expenses have been more or less stationary. sincerely, Sifewart JTcDonai Administrator FEDERAL PROGRESS TOTAL OF MODERNIZATION HOUSING ADMINISTRATION OF FH.A. BUSINESS NOTES INSURED AND MORTGAGES SELECTED FOR APPRAISAL CUMULATIVE O MILLIONS OF DOLLARS 500 — 400 / — / 300 f — / 200 — / 100 +^ JUL AUG SEP OCT 1934 NOV . ' DEC ^ ^ JAN ~ FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1935 FEDERAL HOUSING ADM ION DIVISION OF ECONOMICS t» STATISTICS CHART NO. 189 FEDERAL HOUSING ADMINISTRTION CHART B VOLUME AND COST OF INSURING OPERATIONS MONTHLY TOTALS MILLIONS OF DOLLARS 75 70 65 60 55 NOTE: ENTIRE BAR REPRESENTS TOTAL VOLUME OF INSURING OPERATIONS. SOLID PORTION REPRESENTS OPERATING EXPENSES. 50 45 40 35 30 25 20 15 I 0 JAN FEB MAR APR INSURING OPERATIONS^ MODERNIZATION MAY JUN N0TES4-MORTGAGES JUL ACCEPTED. AUG SEP OCT NOV F E D E R A L DIVISION CHART MOuSlNG OF NO— DEC ADMINISTRATION ECONOMICS 146 B STATISTICS
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