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there is secondary market support for FHA mortgages originated by local banks and other approved lending Institutions. Mr. Seward explained, “We have received expressions of Interest In these mortgages from large, longterm Investors. Also the Federal National Mortgage Association Is cooperating In offering Its secondary market services."
Local mortgage lenders would be in a position to originate the FHA Insured mortgages and then sell them in the secondary market. This process of refunding would enable further local Investment in housing. Mr. Seward described recent changes in FHA operations which have substantially reduced the agency’s processing time and have cut red tape making it easier to do business with FHA. “Nationally, FHA offices are processing most property appraisal cases within five working days and buyer credit approval applications within three days, he said. Mr. Seward said FHA's program for small communities is part of FHA Commissioner P. N. Brownstein’s effort to improve the agency’s service to the public and the housing industry. He quoted Commissioner Brownstein’s view that, “The home financing services of our agency must be equally available to all American families regardless of the size or location of their community."
Fingerprints df the Indian workmen still show clearly in the homes in Montezuma National Park, Arizona — which were built some 300 A.D.
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