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Mortgages #237212

CBS Evening News for Friday, Oct 17, 1975
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(Studio) Low-interest mortgage guarantees for low income home buyers to be renewed by government US Housing and Urban Development Secretary Carla Hills says government will subsidize to reduce mortgage rates to 5%, with down payment of $1500. Basically affects $9-11,000 income families. President National Association Home Builders welcomes program. West coast builders question plan.
REPORTER: Walter Cronkite

(Los Angeles, California) Plan won't affect 377,000 newly built unsold homes. Land so high in Los Angeles that low income housing built 30-40 mile out of city. Real estate and bank sources say plan will help housing industry more than low income families. Cost of housing construction due to increase by 50% in 1978 and 3 of 4 families won't be able to buy house
REPORTER: Murray Fromson

Reporter(s):
Cronkite, Walter;
Fromson, Murray
Duration:
00:01:50

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