California Building Permits Jor November

Finance Plan Extended to Include Title 2

Weyerhaeuser officials announced this week that the company's finance plan has been expanded to include Title II loans in certain states and cities, and that the new service would be made available in other areas rvhen additional outlets for such mortgages are obtained.

For some time rumors have persisted in the industry that the Weyerhaeuser people rvere making extensive plans to provide retailers with a satisfactory outlet for Title II mortgages. This has been partially accomplished through a contract whi,ch the Weyerhaeuser Sales Company has entered into with the General Home Financing Corporation, St. Paul, Minnes,ota, an approved mortgagee under the National Housing Act.

"Ilow6ver, this does not mean that lve are now in a position to operate nationally," said F. K. Weyerhaeuser, President of the Sales Company. "Naturally the expansion of the service will be determined entirely by the progress made by the 'company in establishing satisfactory outlets. We believe the Single Insured Amortized Mortgage as developed under the National Housing Act to be one of the rnost important steps ever taken to promote home ownership and we are anxious to cooperate rvith the Federal ' llousing Administration in every way possible to extend its widespread use. We realize it is going to take time to perfect a Title II financing service for our customers but we are making a start in that direction and hope to make substantial progress during the coming yeat."

It is Mr. Weyerhaeuser's opinion that the progressive lumber dealer now has an unusual opportunity to render an important service in his community and to profit accord'irigly if provided with adequate finan,cing services uuder NHA terms. Weyerhaeuser customers have been able to frnan.ce remodeling, repairing, and new construction up to $2,000 under the company's Title I plan which has been in operation for more than a year. During this time negotiations have been under way to develop a similar service covering new construction up to $16,000 and for terms as long as 20 years as provided for under Title II.

"Our experience with Title I financing has proven conclusively that the public will buy repairing, remodeling, and new construction just as readily as anything else when given a chance to make the purchase out of in'come and pay the loan in monthly installments," continued Mr. 'Weyerhaeuser. "T,he results obtained by our customers, unfamiliar as many of them are with installment selling, indicate that the lumber dealer who is able to adjust himself to the new order of things is finally coming into his own."

Field men representing the Weyerhaeuser Sales Company are now,contacting 4-SQUARE dealers in three difierent areas where mortgage outlets have been obtained.

Weyerhaeuser salesmen were notified this week that sales conferences would be held at Tacoma, Chi'cago, and Ngw York early in December for the purpose of discussing details in connection with the new financing service and sales plans for 1936.

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