The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

i 4# 19 _ THE HOME LOAN BILL The applicant must indicate his willingness ‘and> ability to make monthly paynients of $8.00 per $1,â€" 000.00, including interest at the rate of 5 per cent per annum. | He must render a stateme resources and liabilities. ';Ho must secure the written The property must not exceed a value ‘of $20,000.00 and the, maxiâ€" mum loan is $14,000.00. It must be used by the applicant unhome,prheldbyhim;.. homestead. â€" : ‘ The mortgage must be in first lien and recorded prior to the Act. The building must be adapted for not more than four families. _ be expected from this latter plan because the average borrower who is afflicted I:-:\y a defaulted mortâ€" gage is not to recover through a 40 per cent loan. The Exchange The outstanding ‘and interesting featcre of this Act is the plan of exchanging bonds for sick and de, faulted mortgages. The following requirements‘ must be met by the applicant;: | | Second : ::thcmonyour home has and the holder of the same will neither renew nor accept bonds in exchange, the Corâ€" poration is muthorized to make to you a.direct cash loan which must notuendbpermt of the apâ€" praised value. ‘The terms and rate of interest will be the same as in case of number one. Not much can paid in monthly, quarterly, or annual innmnh. > Cld sn Sn aak % P First: If you own a home uninâ€" cumbered and you are in need of !nndn!n-mnntnf?mnim cial assessments, or for necessary improvements or additions to the property, the Corporation may adâ€" vance to you the cash, in return for a first mortgage for the amount of the loan, not to exceed 50 per cent of the appraised value. In such case, the rate of interest will be 6 per cent, and the loan may be reâ€" The Act provides for two direct enhlmnin‘phmbuidsthqphn of exchanging the: mortgage note for seems to be assured for these bonds, but there is considerable uncertainty at this time with respect to the price that they will command in the market. '~ In the proposed exchange, the amount of :bonds is limited to 80 per cent of the value of the propâ€" erty as determined by the Corporaâ€" tion‘s appraisal. Market a bil it y (Continued from page 1) from all taxes except surtaxes, esâ€" tate, inheritance jand gift taxes. PAGE TEN Attention â€" Motorists! â€" render a statement of 's":\\ a 1 13 4 CENTRA conâ€" a n the other hand, the m?rtgam | who accepts the bonds has| revived | his| income, which is A,ufihed by the‘,government, and h¢â€"now holds an |investment which‘is practically | tax| exempt and which is liquid and | marketable as comparad.: with the | defgulted mortgage. ..; © _ ‘ ‘ Some Side u;fiu | e Home Owners‘ Loan Corporâ€" ation is a temporary‘ agency. Its refinancing and loahing ‘ powers ceage at the expiration of three years. The plan is functioning. Headquarters have been| established all pver the country, :Mr. William G. Donne, is the State Manager of Illinois, located at 134 N. La Salle ' 8 Chicago, Illinois.: . A number of â€" our but"s customâ€" ers have frled applications, and you will \ be interested to learn that in where we hold fi loan we have agreed to accept the bonds. It\ is generally conceded that no Fedgral Legislation herptofore enâ€" has aroused public interest as has :this Home Ownets‘ Loan Act. the opening day ?{ the Chiâ€" e owner obtains a new lease, a new deal ouhiahomefiuinomind ex . _ He â€" escapes | foreclosure. He pays no con\miuionf&‘ His interâ€" est! rate is reduced m,b cent. He| has the opportunity o?tpayinz for| his home during a. period of fifâ€" teen years. His ‘i!:fimqnt. payâ€" ments may be ‘def in case of dire distress. han | w Act also s a special provision for the benefit of the perâ€" sons whose home has been foreâ€" e for a period pf two years. e property may be ‘rei by t exchange method, â€" Distress such as this and| cases where foreclosure proceedings â€"are pending arg to be given the pre}fprenee. x mo loan is $11,500.00. J in It â€"$500.00. Taxes and" assess ~paid} up. | Total wl required, $12,000.00. _ New ‘m ised valuege $15,000.00. 80 per ent is $12,000.00, the amount of offered. In an even trade, mortgagee accepts the bonds in nge for the morkue. But, supposing in this case, taxes have acerued in the sum of $1,000.00. n, the Corporation would pay that sum in cash and the mortgagee would have to makc",i sacrifice of $1,000.00 by accepting‘$11,000.00 in bonds. Such a composition in many cages may prove preferable to foreâ€" closing the mortgage. ; * 'M lt ) ’ ’ i I invite your attention to two simâ€" ple. illustrations ing the pracâ€" tital workings of the plan.: t of the mortgagee to accept the This is impo: â€" Withâ€" it it, the application is of no effect. He must file a written applicaâ€" tion in the form prescribed by. the State Manager. t St. Johns and Park Avenues Cc dsc ACh Ned e ce sn Anticipate A Liberal A Yau| recall some y in & m to Congress upon: the Volstead (Act, Hoover |referred to it as a |"A Experiment.‘" I (predict, |fe members, that when the ; While some of the provig this Act may need amen whole, it is regarded as a re ing to the middle clnue-;’,‘ broad k cago office, thousands of le, ab covering : several | bl stood in line for the p of taining| information | and bad Price Kellys are good tires â€" Sold by The Central Tire sin middle classes of this »;?f;.‘q 3¢ AIMCrCase of our FutuerTil owance for Your TIRE PRES S ‘ {But, here and now comes the payer, the critic, the faultâ€" the pessimist and they want to kno how .about this institution whicl you call the home? (Is it deserving of this unprecedented expenditure How about this apparent extrava gance? Can this colossal financia project on the part of the Govern ment be defended and justified? hland Park St term of the Home Owners‘ Loan . has expired, President Roosevelt 1 be privileged to pronounce it not e*pe:"huat. but a noble accompli men 4 We deem it not only TI duty but also a distinct pi DO OUR pARTin prox spirit of the Natic_; al Rec Fellow members, when John How ym The . Old} Reliable Telephone Highland Park 1200 DUL oh. MSEMBER guided I ‘â€"venture the | ak that there is nd [ manlin this audience today who i; not lat some time or other harbored the tion to posâ€" sess, prote !;' d x.hom‘c { It is in the ho: ere we set the examp [ ; our children are taught the rudi s of honesty, industry apd mor E ¢;: } It is in the home where the misâ€" I ven: the there is man |i today who not! other harbored the sess, p ‘and bepu ard Payne penned \the ifllfi““! lines of "H Dim .8 ” Hom‘." unâ€" consciot ! libly, he planted his footâ€"pritits upon | the sands of time. |~Ooe id : in the h the misâ€" -n%-mhm is pat E:rile tin Vver 0914 CC APANY g the > Bank Part â€" Tires| ow Needs! . in oA 1 Tires :: 10t1ic §\ Coming! ||| | e to Act. @ So, my fellow coun g on this | occasion .u- 5 alyze this new Home * y Law, and. as. we j for its enactment, let us not o look the fact that its f, and objective is the protection, the tion .of that most worthy and e The American Home. | S Itilt‘n“ his fa house, towards which the per andprodlgtlm his way. [ 4 I open arnts. . _ THURSDAY, AUGUST 31 revived +9 at ENJO : Mrs. Roy Clavey nmlmti Street. | h ® .«Mrs. J. Fietchet, Boyflntehho-m cago visited Sati Reeds . home. * | . Gordon, son of . whooping tough, | â€" Mr.: and Mrs. J chisonâ€" of W ‘ Mrs. Wesley Oliver were dinner guests R. D. Reeds home. Hutchisons â€"are r the Ozarks in Se a farewell party by relatives. $ two sons Roscoe Harbor, Fla., hut’ Chicago the ‘past \th attending the Centu n Tuesday they ‘ m of Dr. and Mrs. W. are leaving this wee ties in Bloomington. Mrs. John Ott, Oakle T9. o mm i topic is. "Missions â€"â€" Chandrapur." . 15 for California.) a charter > Club of home that the held. The Ladies‘ Aid Baul‘s Evangelical Thursday, Sept. 7; week, visiting f ter, ‘Mrs. Perle N ] Plagge). Mrs. turn to Deerficl after an~ $ daughter in Gruvear. WMy Arrangemer ventior. of held Mr. and Mrs. ' McGregor {amily, iat sore ieavin other relat home in Crozs Fim urday, after a se at : the home of George Karch. Mrs and Mrs.| David« last : W nona, fiohfl, a called because ‘of Gardner‘s brother nor. > ger ton of the 10U8 sume his. studie® i foan o k of his grandmother, derstadt. Francis Saeman ; children are in G ‘Mrs. Hannah Paul, Minn.. is Locals and OTre CATERING TO AJ MORE TF Write for Free My M Mr. A A GLOR AT BEA Get the | big ‘one. ponch in peofcion in s angler. I Every O § FISHING esday in ‘ gements for t x; of the 14 Education : . Tuesday, 4 t M. E. he aVIng and â€" Mrs. : Ir bflh&t We issouri, wh Deerfi were ov Law lnto man Plai John Mr lau! M