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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