Switch at the Top

To boss the Government's Housing and Home Finance Agency, President Eisenhower last week chose a man tailor-made for the job. He is Norman P. Mason, 62, head of the Federal Housing Administration and the Government's No. 2 housing man. As a replacement for Albert M. Cole, 57, who is resigning to take a big job with a Reynolds Metals Co. subsidiary, Administrator Mason moves into the top job with plenty of experience behind him. A onetime Chelmsford, Mass, lumber dealer, Mason went to the FHA in 1954 when it was reeling from the windfall profits scandals, promised that "we're going to live in a goldfish bowl from now on." He was as good as his word. Mason cleaned up the FHA, went on to speed up and expand its loan program, started a housing program for old folks, worked hard for urban renewal and better quality houses for home buyers.

In his new position Mason also faces a tough job; he will have to try to push through the President's new housing program over heavy congressional opposition. The President in his budget message this week laid down the broad lines of the program. Chief recommendation: Congress should remove the present ceiling on the amount of private-home mortgages that FHA can insure. Although it shows a handsome profit, FHA last year twice had to jam on the brakes to seek more insurance authorization, now has a request for more money before Congress. In addition, the Administration wants Congress to wind up the Depression-born public-housing program, by 1963 to require cities and states to go halves (instead of one-third) on the land costs of slum clearance, and cut back loans for building college dormitories.

Even before the President's message was read, two Democrats occupying key positions in the Senate and House housing subcommittees, Senator John Sparkman and Congressman Albert Rains of Alabama, last week introduced housing bills that would go further than the Administration wants toward stepping up federal aid. The Rains bill, for example, would continue public housing, boost federal subsidies in slum clearance from the Administration's proposed $250 million to $500 million, throw another $500 million into the Federal National Mortgage Association ("Fannie Mae") for mortgage purchasing, and make it easier to buy houses by slashing mortgage down-payment requirements while stretching out mortgage repayments to 35 years.

Most politicos thought that the housing industry would get more than Eisenhower wants and less than the Democratic proposals. In any case, it seemed bound to get enough help to keep it flourishing.

This file is automatically generated by a robot program, so reader's discretion is required.