TABLE VIII.-Relative use of FNMA by States relation FNMA holdings to United TABLE IX.-Relative use of FHA by States 1952 FHA insurance per $10,000 in Charts on the following pages show the transition of the secondary mortgage market portion of FNMA from a Government-operated, Government-financed organization to a Government-operated organization using private funds. The figures used in the charts are based on the following assumptions: (1) That the Federal Treasury will furnish the original capital in the sum of $70 million; (2) That users of the facility will buy certificates in the amount of 2 percent of mortgages sold. Certificates to be exchanged for stock when total certificates equal $70 million Treasury stock. (3) That FNMA will pay 22 percent to the Treasury in annual dividends on original capital and 22 percent on all paid-in certificates; (4) Projected purchases, sales, average portfolio are listed by years on following page: 7. Private capital replaces government capital 2. Adequate, progressive secondary market established 3 Channels home financing into the areas where needed 4 Doesn't cost the taxpayer a dime 5. Taxpayer receives a profit |