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J'OJ'IU No. Ml Office Correspondence To Governor Eccles From J. M. H DLRAL RE5ERVL BOARD Date Subject: May 8, 1935 FHA conference / I have had another all-day meeting with the FHA people, and I think very definite progress is now being made in the direction of the changes that you and I have been talking about. I shall give you a report in regard to them as soon as they are in a more definite form. You will be interested in knowing that the Hudson County National Bank of Jersey City is advertising a new form of trust to be set up for the participation of individual investments of $5,000 or more against mortgages insured ty the FHA. As far as I can see there is nothing in the housing act or the FHA regulations to prevent a bank from doing this. It may represent the practical solution of one of the problems that you have had in mind*
@FedFRASER