One may read the minutes and the hearings of that conference and the decisions and the conclusions of the conference and he will find nothing in it with respect to what is now proposed to be accomplished by the enactment of this legislation. Mr. President. when they found that the country was overbuilt. due to the great construction period of 1924. 1925. 1926. 1927. and 1928. when they found that there was no more need for homes. with the curtailment of immigration. with the generally depressed condition. with the fact that many families were doubling up. that there was a surplus of homes in view of these things. and no need for new construction. what then happened? They switched their ground and said. "Oh. we must have the banks just the same. but we must now put it on the ground that they are for the purpose of preventing foreclosures of mortgages on the poor mans home." So the excuse for this legislation had to be shifted to other grounds. I quote further: Then it was said this measure would be of immediate help to the home owner.
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immigration