On July 22 President Hoover signed a bill near & dear to his heart, creating a Federal Home Loan Bank system. Under this act building & loan associations, co-operative banks, savings banks and insurance companies were to subscribe to the stock of twelve new regional banks at which they could discount their first mortgages on homes worth $20.000 or less. The R. F. C. was authorized to invest, if necessary, up to $125,000,000 in the system. The Hoover idea was that the Government should help mortgage institutions which in...
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