COTIFER 1UMBER SA1E3

lmproving FHA Insured Homes

\[est Coast Softwoods Idaho Pine Spruce

Douglas Fir Plywood Direct

B. R. Gucia Trallic Service

Monodnock Bldg., Son Frcncirco 5, YUkon 64509

Teletype SF lO8O

For 26 yecrs we have specialized exclusively in the trdlic qnd transportction problems ol the lumber industry.

We ofler cccurcte crnd prompt height rcrte quotcrtions, both rail cnd truck.

Frelght Eills Audired terrltory, Chicago ten days arvay he and door

Home owners whose mortgages are insured by the FHA should be permitted to finance major improvements or additions by open-ending their mortgages, as recommended by President Eisenhorver's Committee on Housing, according to Henry J. Munnerlvn, president of the National Retail Lumber Dealers Association.

"Adding the cost of the improvements to the unpaid principal amount of the mortgage enables the owner to pay for the labor and materials gradually over the remaining life of the rnortgage, instead of having to repay the full cost in three years or less," Mr' Munnerlyn said.

"In addition, the interest rate specified in the mortgage usually is less than can be obtained when the modernization or repair rvork is financed by other rnethods.

"Take a home o\\'ner rvhose unpaid principal l-ras been reduced from $10,000 don'n to $7,500 and rvho wants to spend $2,000 modernizing a kitchen and adding a garage.

"If the mortgage still has 10 years to run, the $2,000 can be repaid at the rate of only $21.22 per month, assuming the rate of interest on the rnortgage to be 5 Per cent, provided the funds are obtained by open-ending the mortgage.

"In other u,ords, the unpaid llalance lvould be increased to $9,500 and the monthly payments over the remaining 10year period rn'ould be increased by onlv $21.22' or about one-third as much as rvith most other t1'pes of modernization loans.

"The plan rvorks the same even if the amount advanced for nrodernization makes the principal amount higher than it rvas when the original loan rvas made or if the remaining life of the mortgage is extended so as to give the owner a longer period oler s'hi'ch to stretch his payments."

Ed Halligan, general manager, - Sottthu'est Roddis California. Inc.. u,ill return this rveek from and Milu'aukee 'n'here he has been for the past on a business survev trip for his firm. \\'hile visited micldle \\'estern sales offices of the plvu'ood concern.

D. D. "Duane" Eckard, \\re1 erhaeuser Sales Company, Los Angeles, has been assigned to the Industrial Sales Department, Southern Cali{ornia Hardboard Division, according to Frank Click. Southern California manager for Weyerhaeuser.