The House:
¶ Passed (383-to-4) a bill to create a Home Owners' Loan Corp. for refinancing mortgages of $10,000 or less on homes valued at $15,000 or less; sent it to the Senate. The Treasury would subscribe $200,000,000 to the capital of the corporation which, in turn, would issue up to $2,000,000,000 in bonds. The U. S. would guarantee the 4% interest on these bonds which would be exchanged for 5% home mortgages. Defeated (133-to-77) was a proposal for direct cash loans to home-owners to ease their mortgage troubles. ¶ Adopted (209-10-150)...
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