President's Plan for Federal Home Loan System
President Hoover announced, November 13, 1931, a plan for establishment of a system of home loan discount banks to release frozen real estate assets and promote a revival of home building. The proposal resulted from a series of conferences at the White House participated in by the President, Secretary of Commerce Lament, and a group of real estate men, builders, and bankers, including members of the committee on finance of the President's Conference on Home Building and Home Ownership. It will be presented to Congress at the opening of its next session in December. The plan is modeled in part upon the Federal Reserve System and in part upon the Federal Farm Loan System. Thirty-two telegrams endorsing it ...