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August 12, 1935©

MEMORANDUM*
TO

~

Mr« Coolidge

FROM

-

Governor Eccles

X am enclosing a copy of the xaaaoranduia
which I discussed with you over the telephone* outlining
the reasons why banks and other mortgagees should not be
permitted to sell participating certificates in mortgages
inaured by the Federal Housing Administration*
If you agree with me on this subject, I
hope you will be able to persuade Mr* Grimm that it would
be a mistake to encourage such a prograsu X have not die-*
cussed the matter with Mr# Griisn, but will be glad to do
so if he is interested in having my view of the subject*

enclosure

HSEtVEiseb




August

1935,

Uy dear Senator Bulkley*
In accordance with your request during
x y conversation with you Friday morning* I am glad to
s
enclose a copy of a memorandum outlining the reasons
why banks and other mortgagees should not be permitted
to sell participating certificates in mortgages insured
by the Federal Housing Adninistration.

Sincerely yours*

U» £• Eccles*
Governor.

Honorable Robert J« Bulkley,
United States Senate*
Washington.

enclosure

USBxVEtaeb