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housing and home finance agency
I
hand, War Housing Insurance Fund,
1S51
STATEMENT lQ.-Statemcnt
i
!
Section COS
Total
1,282
Section G03,
Section 009, properties,
1.191
1 note,3
66 mort
C7
notes,
properties, 91 proper gage notes,1 100 units
0,180
1,347
ties, 5,079
2,GOO
units
units
units
units
Expenses:
Acquisition costs..........-——
Interest on debentures.............
Taxes and insurance.................
Repairs and improvements—
Maintenance and operating—
Miscellaneous...........................
Total expenses----------------Income and recoveries:
Rental and other income (net).
Collections on mortgage notes.
Total income and recoveries.
Net cost of properties on band.......
*gj'Sg
0O1| dlo
229,017
237, G78
296,217
2,5S6
8,194, 749
1 Acquired in exchange for debentures.
$473,900
9,851
$32,778,441 $19,483,814
639,109
1 554,888
877,381
500,314
903,433
1,672
30,670
36,645,127 20,124,595
502,530
2,771,131
502,530
7,692,219
2,771,131
33,873,996
619,191
105,433
724,624
19,399,971
i
483,751
$59,831,093
2,538,161 "
1,100,398
737,992
1,199, G50
34,928
65,448,222
483,751
3,892,852
105,433
3,998,285
. 01,449,937
* Manufacturer’s note acquired in exchange for debentures.
The turnover of Section 603 and 608 properties acquired and sold,
by calendar year, is given below:
i
Statement 20.—Turnover of properties acquired under Section 60S of Title VI
through December 31, 1951
Properties sold, by calendar years
Properties acquired
Year
1913
1944
1945
1946
1947
1948.
1949.
1950
1951
Number
1943
1944
498
2,542
2,062
998
16
116
507
1,635
29
220
36
1946
1947
1918
110
139
685 1,178
187 1,050
431
386
317
140
350
210
9
1945
302
5
23
1949
1950
87
17
139
43
1
21
93
6
11
65
243
421
735
Total.
9,109
29
256
982 2,798 1,010
732
384
763
Properties
on hand
Dec. 31,
1951
1951
7
8
1
1
1
74
431
441
964
6
5
6
97
783
294
1,191
Note—The number of properties sold has been reduced by three properties repossessed because of
dofault on mortgage notes and resold by December 31,1951. ^
Statement 21.—Turnover of properties acquired and mortgage notes assigned
under Section 608 of Title VI, through December 81,1951
Properties and notes acquired
Year
1943
1944
1945
1946.
1947.
1948.
1049
1950
1951
1
1
1943
1944
1
1945
1946
1947
1948
1919
1950
Properties
and notes
on band
Dec. 31,
1951
1951
1
1
1
16
167
1
16
69
81
8
157
7
82
Total.
166
Properties and notes sold, by calendar years
Number
I
1
1
HOUSING AND HOME FINANCE AGENCY
Title VIII: Military Housing Insurance Fund
An amendment to the National Housing Act approved August 8,
1949 (Pub. Law 211, 81st Cong.), created the Military Housing In
surance Fund to be used by the FHA Commissioner as a revolving
fund for carrying out the provisions of Title VIII of the Act, the
newly created title providing for the insurance of military housing
mortgages. For the purposes of this fund, the Act authorized to be
appropriated the sum of $10,000,000, of which $5,000,000 was made
available by the Supplemental Appropriation Act, 1950 (Pub. Law
358, 81st Cong.).
This is not a mutual fund, and any balance remaining in the fund
after all Title VIII expenses and insurance claims have been met will
revert to the general fund of the Treasury.
Title VIII Insurance Authority
Section 803 (a) of the National Housing Act provides that the aggre
gate amount of principal obligations of all mortgages insured under
Title VIII shall not exceed $500,000,000, sexcept that with the approval
of the President such amount may be increased to $1,000,000,000.
The President increased the authorization from $500,000,000 to
$700,000,000 on October 16,1951.
The status of the Title VIII insurance authority at December 31,
1951, was calculated as follows:
Status of Title VIII insurance authority, as of December SI, 1951
Insurance authority_______________
Charges against insurance authority:
Mortgages insured____________
Commitments for insurance 1____
Total charges against authority.
Unused insurance authority________
$700,000,000
$340, 775, 460
121, 723, 500
462, 498, 960
237, 501, 040
1 Commitments include statements of eligibility.
•
Investments
Section 804 (a) of the Act provides that moneys not needed for
current operations shall be deposited with the Treasurer of the United
States to the credit of the fund, or invested in bonds or other obliga
tions of, or in bonds or other obligations guaranteed as to principal
and interest by the United States, or, with the approval of the Secre
tary of the Treasury, used to purchase debentures issued under this
title. During the fiscal year 1951, $3,200,000 (principal amount) of
United States Treasury bonds were purchased for the account of this
fund. These transactions resulted in an increase in the average annual
yield from 2.29 percent to 2.39 percent. On June 30, 1951, the fund
held United States. Treasury bonds in the amount of $7,307,014, as
follows:
170
'
housing and home finance agency
Total income of the Military Housing Insurance Fund during the
fiscal year 1951 amounted to $2,508,709, while expenses and losses
amounted to $647,701, leaving a net income of $1,861,008.
Statement 25.—Income and expenses, Military Housing Insurance Fund, through
June 30,1950, and June 30, 1951
Aug. 8, 1949
to
June 30, 1951
Juno 30, 1950
July 1, 1950
to
June 30, 1951
Income:
Interest on U. S. Government securities.
$36,886
$132,336
$169,222
Insurance premiums and fees:
Premiums...........................................
Fees...................................................-
91,366
602,163
727, 530
1,648,834
818,905
2,250,997
693, 529
2,376,373
3,069,902
730,415
2, 508,709
3,239,124
Expenses:
Administrative expenses: Operating costs (including
adjustments for prior years)...........................-.......
190,128
645,017
835,145
Other expenses: Depreciation on furniture and
equipment-...............................................................
830
3,078
3,908
Aug. 8, 1949
to
Total Income.
Losses and charge-offs: Loss (or profit —) on
equipment............ -.................................. ...............
4
-394
-390
Total expenses......................................................
190,962
647.701
838,663
Net income......................................................
530, 453
1,861,008
2,400,461
ANALYSIS OF EARNED SURPLUS
Distribution of net income:
Earned suplus:
Balance at beginning of period.
Net Income for tbo period....... .
$539,453
$539,453
1,861,008
$2,400,461
Balance at end of period___
639,453
2, 400,461
2,400, 461
Title IX: National Defense Housing Insurance Fund
The National Defense Housing Insurance Fund was created by Sec
tion 902 of the National Housing Act, as amended September 1, 1951
(Defense Housing and Community Facilities and Services Act of
1951, Public Law 139, 82d Congress), which provides that this fund
shall be used by the Commissioner as a revolving fund for carrying
out the provisions of Title IX of the Act. This new title of the Act
provides for the insurance of mortgages in areas that the President
shall have determined to be critical defense housing areas. To accom
plish this purpose, the Act authorized the Commissioner to transfer
from the War Housing Insurance Fund the sum of $10,000,000, of
which $1,000,000 had been transferred at December 31,1951.
Title IX Insurance Authority
Section 217 of the National Housing Act, which was added by Public
Law 139,82d Congress, approved September 1,1951, provides that the
172
*
INDEX
A
Page
Accounts (see also Financial posi
tion and Funds):
Administrative Expense Ac
count (Salaries and Ex
penses) __............. ....... 132, 173-174
General reinsurance account. 146-147
Group account_______ 146, 153-154
Title I Claims Account ... 142-143
Accounts and finance___ --- 131-174
Acquired properties. (See Properties acquired.)
Actuarial schedules----------------43
Administrative expenses.............
21,
132, 173-174
Amendments to the National
Housing Act----------------------2-3
Applications received. (See Volume.)
B
Banks. (See Institution.)
Borrower’s characteristics. (See
Characteristics.)
Building and loan associations.
(See Institution.)
C
Capital of FHA insurance funds..
21,
133-135, 139-140, 144-145,147148, 155-156, 161-162, 168, 171,
173-174.
' Certificates of claim
36-41
80-83, 153, 159, 167
Characteristics of loans, mort
gagors, properties:
Home mortgages...................... 48-74
Property improvement loans._ 117130
Rental and cooperative proj
ect mortgages___________ 87-110
Claims Account.
(See Ac
counts.)
Claims for insurance, Title I
property improvement loans.. 20-21,
110-114,121-130,137-138,142143.
Classes of loans, Title I property
19
improvement_______________
Commitments issued. (See In
suring operations.)
Construction, number of new
10-13,
dwelling units started..:
29-35, 75-80
7
Controlled materials plan-
Page
Cooperative housing (.see also
v unctions of the Federal Hous
ing Administration)........ ....... 15-16,
28, 74-110, 154-159
Credit restrictions
1, 4, 6,
13-14, 29, 51-54, 74, 91-92,
95-96, 98, 100, 118.
D
Debentures.
2 22
35-44, 80^83^134; "l45; 150, 158,’
163-164, 169-170.
Defaults. (See Terminations.)
Defense housing. (See Functions of the Federal Housing
Administration and Title IX.)
Defense Housing and Community Facilities and Services Act
(see also Legislative changes) _ _
4-6
Delinquencies. (See Termina
tions.)
Disaster housing____ ____ ___
6-7
Dividends. (See Participation
payments.)
Down payment, Title I property
improvement loans_________
19
Duration of loans:
Home mortgage loans.......... .. 49-52
Property improvement loans..
19,
117, 119-120, 126-127
E
Existing-home mortgages. (See
Insuring operations.)
Expenses (see also Housing ex
pense) :
21, 132, 173-174
Administrative
FHA insurance funds:
Combined, all FHA funds._ 131,
135-136
157
Housing Insurance Fund —
Housing Investment Insur
ance Fund................— 168-169
Military Housing Insurance
172
Fund_________________
Mutual Mortgage Insurance
149-150
Fund
National Defense Housing
173
• Insurance Fund................
Title I Housing Insurance
145
Fund------ ------- —.........
Title I Insurance Fund.. 140-141
War Housing Insurance
162-163
Fund
21, 132
Operating
175
Pago
House manufacturers, insurance
Fees, FHA (see also Financial
of loans to. (See Functions of
position)____ 131-132, 135-136, 140,
the Federal Housing Adminis
145, 149, 155, 157, 163, 172
tration and Section 609.)
Field organization. (See Organ
Housing available to minority
ization and personnel.)
7-8
Financial institution activity.
Housing expense, monthly, for
(See Insuring operations.)
single-family homes............- 49, 66-74
Financial position_____________ 21-2Financial statements------------ 133-134, Housing Insurance Fund (sec also
Financial position):
136-137, 139-141, 143-145, 148Capital and net income------ 155-156
152, 156-157, 159, 161-163,165Certificates of claim.............--159
166, 168-169, 171-172, 174.
157
Income and expenses------------Financing charges, Title I prop
19
147'
Insurance authority . - - - -----erty improvement loans--------49
147
Insurance liability limitationFloor area, single-family homes._
63-66
158
investments...................
158-159
Property acquired-----Foreclosures:
Home mortgages. 11, 35-44, 151, 164
159
Refunds to mortgagors
Rental and cooperative project
Housing Investment Insurance
11, SO-S3, 158, 164
mortgages
Fund (see also Financial posi
Functions of the Federal Housing
tion) :
v-vi
Administration,__________...
168
Capital--------------------------------Funds (see also Financial
169
Income and expenses------------position):
167
Insurance authority--------------131-136
Combined.^
167
Insurance liability limitationHousing Insurance (Title II,
169
investments—
154-159
Secs. 207, 213)--------------Housing Investment Insurance
I
(Title VII, Sec. 710)____ 167-169
Military Housing Insurance
Income:
FHA (see also Financial posi
(Title VIII, Sec. 803)___ 170-172
tion) :
Mutual Mortgage Insurance
146-154
Administrative Expense Ac
(Title II, Sec. 203)
132, 173-174
National Defense Housing In
count
Gross, of combined FHA
surance (Title IX, Secs. 903,
172-173
21, 131-132, 135-136
90S)
funds
140-141,
Title I Housing Insurance
Insurance funds
143-146
(Title I, Sec. 8)
145, 149-150, 157, 162-163, 169,
Title I Insurance (Title I,
172.
Sec. 2)
137-143
Single-family homes, mortga
War Housing Insurance (Title
gor's effective annual___ 49, 66-74
VI, Secs. 603, 608, 609, 610,
Institution, activity by type of:
611)
160-167
Home mortgages___________
44-47
Property improvement loans.. 114—
G
116
Garages, single-family homes
Rental and cooperative project
with....................... ............. 49-50,57,60
mortgages................. ............... 83-87
General reinsurance account. _ 146-147
General review_________________ 1-27 Insurance companies. (See In
stitution.)
Geographic divisions. (See State
Insurance liability limitation___
142,
distribution.)
144, 147, 160, 167, 170, 173
Government-owned war housing.
Insurance, volume of. (See In
(See Functions of the Federal
suring operations.)
Housing Administration and
Section 610.)
Insuring offices, FHA. (See Or
Gross income and operating ex
ganization and personnel.)
penses______
... 21, 131-132 Insuring operations (see also
Group accounts
22, 146, 153-154
Mortgage insurance in 1951):
Home mortgages under Titles
H
.1, II, VI :
Home mortgage insurance (see
Financial institution activalso Functions of the Federal •
ity
44-47
Housing Administration)
1-2
State distribution.... 32-35, 39-41
6-7, 8-15, 28-74, 143-154, 160-167 I
Status................................ 10-11,32
F
176
Page
I
I
I
Pago
Insuring operations—Continued
Home mortgages, etc.—Continued
Terminations and foreclo
Page
M;1Frd-HC°on^edIn8Uran0e
Income and expenses. _
172
insurance authority_________
170
Volume of business... tlO, 28-35
Insurance
liability
limitation
170
Property improvement loans’
investments____
under Title I:
170-171
Minority
groups_
_
Claims and defaults
7-8
110-111, Monthly payment,
(See Pay126-130
ment,
monthly.)
Financial institution activMonthly rental. (See Rental,
ity
-- 19, 114-116
monthly, for rental and cooper
State distribution. .......... 111-114
ative project units.)
Status____________ 10-11, 110-111
Volume of business ---------- 8—10, Mortgage allocable to dwellings,
rental and cooperative project
18, 20, 110-114, 137
mortgages.............................. 91, 95-97
Rental and cooperative project
Mortgage companies. (See Insti
mortgages under Titles II,
tution.)
VI, VIII:
Mortgage insurance in 1951 (see
Financial institution aetivalso Insuring operations):
ity
— 83-87 . Cooperative housing. 15-16, 154-159
State distribution___________ 76-80
Home mortgage.................. ..
14-15,
Status................
10-11,76
^
143-154, 160-167
Terminations and defaults.. 80-83
Rental housing............ 16-18, 154-172
Volume of business__ 8-10, 74-80
Summary of.............. 13-14, 131-136
Under all titles:
Mortgage loan characteristics,
Aggregate volume------8-10, 28-29
home mortgages_____________ 48-57
Status_____ ______
10-11 Mortgage principal, single-family
Investments,
FIIA insurance
homes______________________ 52-55
funds
---------- 145-146, 150-151, Mortgagor's income and housing
158, 163-164, 169, 170-171
expense, single-family homes. _
49,
66-74
L
Mutual Mortgage Insurance
Legislative changes____________
2-3
Fund (see also Financial
Liability of FHA funds. (See
position):
Insurance liability limitation.)
Capital...................
147-148
Loan characteristics, Title I prop
Certificates of claim
153
erty improvement
117-126
General reinsurance account. 146-147
Loan-to-replacement-cost ratio,
146, 153-154
Group accounts____
rental and cooperative project
... 149-150
Income and expenses
mortgages__________ _______ 97-100
147
Insurance authority .
Loan-to-value ratio, single-family
Insurance liability limitation..
147
homes_______________________ 55-57
150-151
Investments--------------Losses:
Participation payments
146,
Combined, all FHA funds.. 135-136
153-154
Title I property improvement
151-153
Properties acquired___
insurance
20,
153
Refunds to mortgagors.
114, 129, 137-138, 142-143
N
Total mortgage insurance____
11,
145, 149, 152, 157-159, 163-165, National Defense Housing In
169, 172.
172-173
surance Fund
M
National Housing Act amend
ments. (See Legislative
Management improvement pro
changes.)
gram________________________ 26-27
New dwelling units provided
Manufacturers of housing, insur
under the FHA program.. 10, 12-13
ance of loans to. (See Func
tions of the Federal Housing
New-home mortgages. (See In
Administration and Section
suring operations.)
699.)
Nonfarm dwelling units provided,
Military housing, Section 803.
12-13
1935-1951
(See Functions of the Federal
O
Housing Administration and
Title VIII.)
Operating expenses----------------- 21, 132
Military Housing Insurance Fund
Organization and personnel,
(see also Financial position):
FHA................... -.......................... 23-26
171
Capital and net income............
177
Page
Page
P
Reserves (see also Financial posiParticipation payments, Section
203.1_______ 1........ 22, 146, 153-154
Statutory, of combined FHA
Payment, borrower’s monthly,
.. 133-135
funds-----single-family home mortgage. 49-52,
19, 140-142
Title
I..........
60-61, 69-74
1-27
Review,
general
Prefabricated housing. (See
S
Functions of the Federal Hous
ing Administration and Sec
Salaries and expenses. 21, 132, 173-174
tion 609.)
Sale price:
Premiums (see also Financial
Homes purchased by mem20
position)--------------------------bers of sales-typc cooper
131-132, 135-136, 139-140, 145,
109-110
atives—
149, 155, 157, 163, 172.
49, 59-61
Single-family homes
6
Programing defense housings —
Savings and loan associations.
Properties acquired (see also
(See Institution.)
Property management):
One- to four-familv homes— 37-41, Secondary market transactions. 46—47,
84—87
* 151-153,164-166
Sections of the National Housing
Rental and cooperative proj
Act (see also Functions of
ects_____ 80-83, 158-159, 164-166
the Federal Housing Ad
Title I property improvement. 114,
ministration) :
129,137-138
8-11, 18-21,28-29,
Section 2....... .
Total--------------- -------------- 11, 136
110-130, 137-143
Property characteristics, home
Section 8_. 1-2, 6-7, 9, 11-15, 28-31,
mortgages______________ 49, 57-66
33-34, 36-37, 143-146
Property improvement loans in
Section 203___ 8-15, 28-74, 146-154
sured under Title. I (see also
Section 207 ____ 2-3,8-13,16-17,
Functions of the Federal Hous
28-29, 74-109, 154-159
ing Administration)------------ 18-21,
Section 213 _____________ 2-3,9,
28-29, 110-130, 137-143
11-13, 15-16, 28-109, 154-159
Property management------------- 22-23
8-9
Section 603
Property valuation. (See Char
11-15, 28-74, 160-167
acteristics.)
______ 1,8-9,11-13,
Section 608
27
Publications, new or revised----16-17, 28-29, 74-109, 160-167
Publicly owned housing. (See
Section 609
9,
Functions of the Federal Hous
11,18, 28, 74-109, 160-167
ing Administration and Section
9,
Section 610
610.)
14-17, 28-109, 160-167
R
Section 611. .9, 11-15, 28-74, 160-167
28, 167-169
Section 710
Recoveries, Title I property im
Section 803
8-9, 11-13,
provement loans___ 20-21, 110-114,
16, 18, 28-29, 74-109, 170-172
121-130, 137-138, 142-143
Section 903
4-5, 28, 172-173
Refinanced home mortgages.
Section 908
5, 28, 74, 172-173
(See Insuring operations.)
Refunds to mortgagors__ 153, 159, 167 Service offices, FHA. (See Or
Rehabilitation
projects. (See
ganization and personnel.)
Rental and cooperative hous
Site market price, single-family
ing mortgage insurance.)
homes
49, 57, 60-61
Reinsurance account, general.
Site value, ratio to total value for
(See General reinsurance ac
60
single-family homes..................
count.)
Size of dwelling units in rental
Release-clause
projects. (See
and cooperative projects__ 100-102
Rental and cooperative hous
Size of rental and cooperative
ing mortgage insurance.)
housing projects____ ________ 93-95
Rental and cooperative housing
Size of single-family home mort
mortgage insurance (see also
gages.-------------‘...................
52-55
Functions of the Federal Hous
Size of single-family homes. _ 49, 62-66
ing Administration)_________ 1-3, Size of Title I property improve
8-9, 11-13, 15-18, 28-29, 74rment loans
117-119
109, 154-167, 170-172.
Start of construction. (See Con
Rental, monthly, for rental and
struction.)
cooperative project units.._ 102-106 State distribution of FHA-inRental value, estimated monthly,
sured loans:
for single-family homes
69, 74
Home mortgage loans.. 32-36, 39-41
178
Page
State distribution, etc.—Con.
Rental and cooperative hous
ing mortgage loans_______ 76-80
Title I property improvement
loans........... ......... ............. 111-114
Statistics of insuring operations. 28-130
Status of operations. (Sec In
suring operations.)
T
Taxes and assessments, single
family homes... 49, 59-61, 67, 69, 71
Terminations:
Home mortgages___________ 35-44
Rental and cooperative project
mortgages_______ ____ 16, 80-83
Title I property improvement
loans............. ......... _____ 20-21,
110-111, 114, 121-124, 126-130
Total...............................10-11,22-23
Term of mortgage. (See Dura
tion.)
Title I Housing Insurance Fund
(see also Financial position):
Capital and net income___ 144-145
Income and expenses_______
145
Insurance authority________
144
Insurance liability limitation..
143
Investments
145-146
Title I Insurance Fund and
Claims Account (see also
Financial position):
Capital
139-140
Income and expenses_____ 140-141
Insurance authority________
141
Insurance liability limitation..
142
Recoveries________________
137
Status of Claims Account... 142-143
Titles of the National Housing
Act (see also Functions of
the Federal Housing Admin
istration) :
Title I
1-2, 6-15, 18-21, 28-31,
33-34, 36-37, 110-130, 137-146
Title II.2-3, 8-17, 28-74, 146-159
Title VI___ 1, 8-18, 28-109, 160-167
Title VII.
3, 28, 74, 167-169
Title VIII
... 3, 8-9, 11-13,
16, 18, 28-29, 74-109, 170-172
Title IX
2, 4-6, 28, 74, 172-173
Type of project, rental and coop
92
erative housing.projects..........
Page
Type of property and improve
ment, Title 1 property improvement loans
120-126
Types of insurance
28
U
Units covered by mortgage in
surance written. (See Insuring
operations.)
Units, dwelling per structure for
home mortgages___________ 48-50
Units started, (See Construction.)
Utilities included in monthly
rental. (See Rental, monthly.)
V
Valuation
of
single-family
homes______________ 49-52, 55-66
Valuation stations, FIIA. (See
Organization and personnel.)
Value, land. (See Site market
price.)
Volume of insurance:
Aggregate
- .................. — 8-13,28-29
Mortgage.. 8-10, 13-18, 28-35, 74-80
Prefabricated housing_____ 9, 18, 28
Property improvement loan... 8-10,
18, 20-21, 28, 110-114
W
War and veterans’ emergency
housing. (See Functions of the
Federal Housing Administra
tion and Section 603 and Sec
tion 608.)
War Housing Insurance Fund
(see also Financial position):
Capital___________
161-162
Certificates of claim.
167
Income and expenses
162-163
160-161
Insurance authority .
Insurance liability limitation160
163-164
investments—
164-166
Properties acquired__
167
Refunds to mortgagors
Y
Yearly trend. (See Insuring op
erations.)
Yield insurance. (See Title VII.)
o
I
179
.
@FedFRASER