Mortgages: Shrinking the Federal Realm

"I did not come to Washington to retain the status quo in the mortgage market," said Multimillionaire San Francisco Mortgage Banker Raymond H. Lapin, 49, when he took over the $28,000-a-year presidency of the Federal National Mortgage Association nine months ago. What was needed, he said was nothing less than "changes in structure, policy and objectives" of the nation's largest mortgage facility. Skeptics smiled wisely, knowing that such grand plans are often as not pulverized by the ponderous machinery of Government. Yet last week, when Lapin ordered a radical change in the...

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