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THE FEDERAL NATIONAL MORTGAGE ASSOCIATION
Author(s) -
Lindholm R. W.
Publication year - 1951
Publication title -
the journal of finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 18.151
H-Index - 299
eISSN - 1540-6261
pISSN - 0022-1082
DOI - 10.1111/j.1540-6261.1951.tb04441.x
Subject(s) - citation , association (psychology) , state (computer science) , library science , computer science , political science , programming language , epistemology , philosophy
THE EXTENSION of a large volume of credit on residential mortgages continues as an important element of economic stability. Its impact has been re-emphasized by the mortgage credit restrictions established in October, I950.1 Housing finance since the middle of I930's has been affected by the federal mortgage insurance and guaranty programs and by the establishing of a secondary mortgage market in the Federal National Mortgage Association (FNMA), formerly a part of the Reconstruction Finance Corporation and since September 7, I95o, a part of the Housing and Home Finance Agency.2 During the period I947 through I949 non-farm mortgage recordings of $20,000 or less have averaged nearly I2 billion annually and in the first seven months of I950 ran at a I 5-billion dollar rate. Of this huge total, which is incomplete because of the large quantity of rural non-farm building arising from urban population movements into unincorporated areas and of mortgages over $20,000, between one-fourth and one-third were FHA insured or VA guaranteed. This government insurance and guaranty program stimulated private lending by reducing risks and increasing