SA]ITA FE LU}IBER Cll.

Incorpmted Fcb. f,f, 1908

Erclurivc Rcprcmotrtivcr in Nottf,on Crlifor:air for Crco-Dipt Compnn Inc., I{orth Toorwrrd+ N. Y.

Gcncrrl Oficc SAN FRANCIIiCO sr chh Bldg. 16 CrlffortL St.

PINE DEPARTMENT

F. S. PALMER, Msr. California Ponderora Pinc C,alifqnie Sugar Pinc where there is great effort behind it, there have been good results. But great effort has been shown only in scattered sections.of the country, so good results have come only in such sections. Generally speaking the thing is lagging. In many territories no effort has backed the proposition, and little if any good has therefore been achieved. The news comes from Washington that the second phase of FHA, that of new buildings, will be launched at once, instead of several months hence. There are ttrose who believe they should have been launched at the same time, and that the two phases would work splendidly hand in hand, and help each other. I incline to that opinion, and am glad'to see the new building effort coming. I don't think the lateness of the season will hurt. 'We are so far behind with our

LOS ANGELES

ROBT. FORGTE

311 Financid Cent€r Bldg.

7(H So. Spring St. - VAndyke tl47l building in this country that if it ever really starts the season won't be able to stop it. ***

There is a lot more chance for the new building phase to "click" than there was for the remodeling and repairing. In the latter the borrower who could qualify for a loan UNDER the Act, could get one without it. But the building of new homes could and should be difrerent, and will in my mind offer a much greater appeal than the first phase.

*!t*

The Government guarantees in full an g0/o mortgage. The interest rate is 51/z; not Sft that figures out twice as much as in the remodeling phase, but really Sl/o net.

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