Dr. DEANE. Mr. Cole, one other question on this subject: Under date of February 16 I asked Mr. McLeaish to give me some idea of this program. I can appreciate the fact that you cannot keep all of these facts at your fingertips, and since this is a program, as I understand, administered altogether by the Farmers Home Administration, that you might not have all of the facts before you.

He writes to me under date of February 16:

As of the end of January the reports received from our State office indicate that there are on hand 5,020 applications for farm housing loans, and of this amount 1,971 are from veterans. The applications on hand, multiplied by $5,800, the estimated average size home, for 1954 fiscal year, would amount to $29,116,000. Loans could likely not be made in each of these instances even if funds were available, since the eligibility of each applicant has not been approved, and not all of the farm units have been appraised. The farm housing funds remaining unobligated for 1953-54 fiscal year are $3,219,226. Loans are in process which will use these funds by April 1.

This table, and this statement from Mr. McLeaish, indicate the tremendous impact of this program, and indicate to me that it is a highly desirable piece of legislation, and I would like very much to see this program carried along, and I would like to further point out that, on the basis of the loans that are in arrears, that they are less than 5 percent.

I wonder if you could tell us about it? Will you show at some time during your statement the number of loans that are behind under the various programs, and the particular problems that may be involved on any particular section?

Mr. COLE. Of FHA?

Mr. DEANE. Yes, sir.

Mr. COLE. Yes, sir; we can supply that information for the record. Mr. DEANE. Mr. Chairman, I wonder if we could be provided with that information, loans on 608, and all loans made under the insured program, to show their status, so far as the number that are in arrears, let us say those at least 90 days in arrears?

Mr. HOLLYDAY. We have that data kept up to date, Mr. Deane, and will be very glad to insert the information you desire in the record. I might say that the amount is less than 1 percent under all titles. Mr. DEANE. Thank you very much.

(The data requested above is as follows:)

DEFAULT STATUS OF FHA-INSURED MORTGAGES as of Dec. 31, 1953

Mr. COLE. Mr. Chairman, may Mr. Hollyday make another comment on section 203, for the record?

The CHAIRMAN. Mr. Hollyday.

Mr. HOLLYDAY. A great deal of interest has been created by the program known as title I, section 8. Assistance was given to this program last spring, but the assistance came a little bit too late by virtue of the tight money market that existed at the time.

We now find that there is, as I am glad to report, an ever-increasing interest in the financing of those lower-cost homes. Actually, I think, in 22 months since December 1, 1953, we have done more business and have had more applications than we had in the entire year before. Some concern has been expressed as to whether or not the absorption of title I, section 8, into title II might be harmful to the program. The purpose of the absorption is to assist title I, section 8, financing. By putting it into title II, that should make the mortgages more acceptable, and the program is one on which we feel there will be very real activity during the coming year.

Mr. BROWN. Mr. Chairman.

The CHAIRMAN. Mr. Brown.

Mr. BROWN. Mr. Cole, I want to congratulate you on the fine cooperation existing between your office and the Members of Congress. I am sure the members of your old committee have full confidence in your ability and your integrity.

Mr. COLE. Thank you very much, Mr. Brown.

Mr. PATMAN. I want to associate myself with the statement just made by Mr. Brown. I agree with him 100 percent.

Mr. COLE. Thank you, Mr. Patman.

Mr. BARRETT. Mr. Chairman.

The CHAIRMAN. Mr. Barrett.

Mr. BARRETT. What effect is this going to have, Mr. Cole, this bill, on the redevelopment authority contained in the Housing Act of 1949? Mr. COLE. May I reserve that question until we get to the redevelopment?

Mr. BARRETT. I think your bill provides for aid provisions for the elimination and prevention of slums. I understand the act of 1949 provides for redevelopment, in which there were $500 million provided for that purpose.

Mr. COLE. Yes, sir.

ssstement from Mr. McLeaish, indicate the s program, and indicate to me that it is a egislation, and I would like very much to see eng and I would like to further point out that, as that are in arrears, that they are less than 5

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; we can supply that information for the record. Mr. Chairman, I wonder if we could be provided with loans on 608, and all loans made under the insured Now their status, so far as the number that are in arrears, Nose at least 90 days in arrears?

Rr. We have that data kept up to date, Mr. Deane, and wyglad to insert the information you desire in the record.

y that the amount is less than 1 percent under all titles. Thank you very much.

data requested above is as follows:)

DRSAULT STATUS OF FHA-INSURED Mortgages as of Dec. 31, 1953
Home mortgage programs