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Form JLK. 131
- ^

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence

Date jranua^ 12^1957

,o

Jfcr. JEccles

Subject: . Mwtgage _ activity under

From

J

Title II

» M » ^Liger

(Copy for Mr. Thurston)




I am attaching a copy of aiFHA. memorandum, the
preparation of which I suggested to Mr. Flanders (acting
for Mr. McDonald during the latterfs illness). This
memorandum shows very strikingly the extent of bank partici
pation in mortgage activity under the Housing Act* and
illustrates the practical importance of a continuance of
the Title II guaranty for the reasons urged in your letter
to, Mr. McDonald.

NUMBER OF MORTGAGES AND AMOUNT OF MORTGAGES ACCEPTED
By Type of Institutions
Through December 31, 1936

TYPE OF INSTITUTION

NUMBER ACTIVE
1935
1936

AMOUNT OF MORTGAGES ACCEPTED FOR INSURANCE
1935
1936
Total

Commercial Banks

2,885

3,818

#121,551,781

#252,482,150

#374,013,931

629

1,025

26,510,442

74,469,056

100,979,498

Mortgage Companies

58

112

5,902,582

45,439,829

51,342,411

Insurance Companies

72

106

12,521,663

27,857,955

40,379,618

Savings Banks

68

95

4,060,158

18,169,949

22,230,107

6

23

68,258

20,050,214

20,098,452

3,718* 5,179** #170,594,864

#438,449,153

#609,044,017

Building & Loan Assns.

All Others

* As of January 1936
** As of November 1936

Federal Housing Administration
Division of Economics & Statistics
Operating Statistics

S.R.890