HOUSING: The Windfall Profits

After 43 days of hearings in seven cities, the Senate's Banking and Currency Committee last week issued its report on the "windfall" scandals within the Federal Housing Administration (TIME, July 12). Committee Chairman Homer Capehart flatly called it "the biggest scandal in the history of our Government." The Democrats on the committee argued that there were comparatively few culprits among the thousands of honest builders. But the report was enough to shame many a U.S. builder.

Said the report: "The organized home-building and financing industries must share with the FHA responsibility for...

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