Business: TIME CLOCK, Aug. 12, 1957

FHA INTEREST RATES on U.S.-insured mortgages may soon be raised to 5¼% from 5%. FHA also intends to lower mortgage down payments later this year (to $300 from $700 on a $10,000 house), limit discounts on FHA-backed mortgages to 2½% of par value.

U.S. FARM EXPORTS jumped 35% to record $4.7 billion in fiscal 1957. Government-subsidized cotton exports hit 7,700,000 bales v. 2,200,000 bales in 1956; wheat shipments rose to 535 million bu. from 340 million bu. Agriculture Department expects foreign sales boom to level off in current fiscal year because of bumper cotton,...

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