Gerald R. Ford photo

Remarks at a News Briefing Announcing Measures To Assist the Housing Industry.

June 24, 1975

I WOULD like to make a relatively short statement, and then Secretary Hills will follow with an extensive briefing.

To help speed the recovery already underway in the housing industry, whose health is absolutely vital to our overall economic recovery, I have today directed Secretary Hills, head of Housing and Urban Development, to release $2 billion in previously authorized Federal funds to assist in the purchase of home mortgages. This action will immediately make new mortgage money available to home buyers. To help put more workers in the building trades back to work, I am requesting the Congress to authorize an additional $7,750 million for this program and to extend it for another year until July 1, 1976.

To prevent the possibility of foreclosures on homes whose owners are temporarily out of work, I am also requesting the Congress to move as rapidly as possible on legislation introduced by Congressman Lud Ashley of Ohio and Congressman Garry Brown of Michigan and others to provide mortgage payment relief loans and coinsurance for lenders who refrain from such foreclosures. This legislation will protect homeowners and head off needless foreclosures.

The steps I have announced today are the best way to meet the problems of housing in this country at the present time. I am therefore vetoing H.R. 4485, because it will hamper the recovery now underway and will add to the oversize Federal deficit.

Now, let me introduce Secretary Hills, who will fill you in on my proposals to protect homeowners, stimulate homebuilding, and provide more jobs for the building trades.

Secretary Hills.

Note: The President spoke at 3:05 p.m. to reporters assembled in the Briefing Room at the White House.

Gerald R. Ford, Remarks at a News Briefing Announcing Measures To Assist the Housing Industry. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/257134

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