Letter to Secretary Weaver Making Additional Amounts Available for Mortgage Commitments.
Dear Mr. Secretary:
In response to your letter of June 24, 1968, I am making additional amounts of the Federal National Mortgage Association special assistance authorization available for commitments, as follows:
(a) For mortgages on housing for low and moderate income families which are insured under Section 221 (d)(3) of the National Housing Act and bear interest below the maximum rate under FHA regulations, $350,000,000. This increases the amount of $2,170,000,000 made available on August 29, 1967, to $2,520,000,000. Not more than $40,000,000 of the total amount may be made available for FNMA's commitments to purchase mortgages insured under Section 221 (h) of the National Housing Act. This latter amount includes an increase of $20,000,000 over the amount made available on March 4, 1967.
(b) For mortgages on residential properties in Guam, $13,500,000. This increases the amount made available on April 10, 1968, to $25,000,000.
The foregoing amounts are the aggregate amounts of purchases and commitments which may be outstanding at any one time, and are based upon my determination, pursuant to Section 305 of the Federal National Mortgage Association Charter Act, that action is in the public interest.
LYNDON B. JOHNSON
[Honorable Robert C. Weaver, Secretary of Department of Housing and Urban Washington, D.C. 20410]
Note: The text of the letter was released at San Antonio, Texas.
Lyndon B. Johnson, Letter to Secretary Weaver Making Additional Amounts Available for Mortgage Commitments. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/237941