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copy FEDERAL HOUSING ADMINISTRATION Washington, D. C. March 14, 1955. The Honorable Duncan U, Fletcher, United States Senate, Washington, D # C« ISy dear Senator: The following resolution has been adopted by njr Finance Committee of the Federal Housing Advisory Council: "That it is the opinion of the Committee that the proposed amendment to Title II of the Banking Act, permitting member banks to make mortgage loans to the amount of 75$ of the appraised value, will, if adopted, be very hurtful, if not entirely destructive, to the operations of the Federal Housing Administration under Titles 2 and 3 and will constitute a grave danger to the financial structure of the country«ff Ify committee is composed of the following gentlemen: Mr. Robert V # Fleming, President, Riggs National Bank, Washington, D # C. Mr. Merrel P. Callaway, Vice President Guaranty Trust Co. of New York, New York City Mr. F. S. Cannon, President, The Railroad Men's Building & Savings Association, Indianapolis, Indiana Mr. Frank DfOlier, Vice President, The Prudential Insurance Co. of America, Newark, New Jersey —2— Mr* Charles A # Miller, President, Savings Banks Trust Co., New York City Mr. Wayne F. Palmer, Executive Secretary, Housing Advisoiy Council, Federal Housing Administration, Washington, D. C. I agree with this resolution and am calling same to your attention in the interest of the Federal Housing Administration. Sincerely yours, (Signed) J. A. Moffett, Federal Housing Administrator.
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