View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Form t \ R. 131
BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
^o

Dr. Goldenweiser

From

Date
Subject:

Mr/\ Thurston
C P0

Attached is an insured home mortgage project proposal that was referred to the Chairman by Senator LaFollette
with a request for a report on its feasibility. Possibly Mr.
Currie or Itr. Edmiston could prepare a digest in a form so that
a copy could be sent to the Senator. David Cushman Coyle has
also written to the Chairman about it* Who is Ivan de Tarnowsky,
who appears to be the author?




Offhand it looks to me as if the plan were not
practical, as monthly payments are proportionately high, amounting to #42.00 on a thirty-year purchase contract for a #4,000
house. Also, the plan seems to contemplate selling "insured"
thirty-year bonds at 5.5%.

16 -852