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7339899
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I am pleased to sign into law H.R. 5398, the Emergency Housing Act of 1975 [Signing Statements and Announcements]
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7339899
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document
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I am pleased to sign into law H.R. 5398, the Emergency Housing Act of 1975 [Signing Statements and Announcements]
citationUrl
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White House Press Releases (Ford Administration)
Press Releases
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U.S. House of Representatives. (03/04/1789 - )
Legislation
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7339899
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2
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1975-07-02
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7
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1975
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nara-archive
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06d666385dd632ec
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Digitized from Box 13 of the White House Press Releases at the Gerald R. Ford Presidential Library
EMBARGOED FOR RELEASE
JULY 2, 1975
UNTIL 1:45 PM EDT
Wednesday, July 2, 1975
Office of the White House Press Secretary
THE WHITE HOUSE
STATEMENT BY THE PRESIDENT
I am pleased to sign into law H.R. 5398, the Emergency Housing
Act of 1975. This Act embodies the alternative approach which I
urged at the time of my veto of H.R. 4485 last Tuesday.
I commend Members of Congress of both parties for quickly enacting
meaningful and effective housing legislation. This is an excellent
example of the way in which the Congress and the Executive Branch can--
and should--work together in the best interests of the American people.
This Administration is committed to a prompt recovery of the housing
industry and to getting construction workers back on the job. Both of
these actions are crucial to our overall economic recovery.
This legislation provides an additional $10 billion of mortgage purchase
authority to the Government National Mortgage Association which will
be available if required to sustain the housing recovery presently
under way. It also expands coverage to other types of housing con-
struction including condominiums.
Last week I directed Secretary Hills to release $2 billion in GNMA
mortgage purchase funds. As a result of the swift enactment of this
new housing bill by the Congress, those funds will be released at an
interest rate of 7-1/2 percent. Condominium mortgages will also be
eligible, thus assisting a hard-pressed sector of the housing industry.
These funds will finance an estimated 65,000 units of housing and
provide jobs for the building trades.
The bill meets the problem of mortgage foreclosures head on. It
provides standby authority for the Secretary of Housing and Urban
Development to co-insure loans made by lending institutions or to make
mortgage relief payments to other lenders to preclude mortgage fore-
closures. Presently, mortgage foreclosures and defaults have remained
level, at rates less than those which prevailed during the mid-1960's,
indicating that private lenders are cooperating with homeowners. How-
ever, if foreclosure rates rise significantly, this legislation will enable
us to act quickly to keep owners from losing their homes.
I hope the cooperation between the Congress and the Executive Branch
shown in this legislation will continue in other badly-needed measures.
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