Word: hollyday
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Dates: during 1950-1959
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...harked back to the Democratic Administration, since they were made possible by the National Housing Act's Section 608, repealed four years ago. When Democratic Senator Harry Byrd began investigating the deals, the Republicans brought them out in the open by firing Federal Housing Commissioner Guy T. O. Hollyday (TIME, April 26). Section 608 provided that the Government would insure mortgages up to 90% of the building cost, and many a builder was able to "mortgage out" by putting up a building for less than the amount of the mortgage, then pocket the difference as his windfall. Examples...
...initial shock of the scandal had a devastating effect on the agency's top-level personnel. By the end of the first week, the scoreboard read: Commissioner Guy T. Hollyday, resigned under force; Assistant Commissioner Clyde L. Powell, resignation "withheld" pending further investigation; General Counsel Burton C. Bovard, placed "on leave"; and Deputy Commissioner Walter L. Greene, request for retirement granted...
...first week, Senator Caprhart seemed to have gained a decided advantage. He had succeeded in grabbing off the stars of the scandal--Hollyday, Powell, Greene and Cole--as witnesses. Top billing went to Powell who raised Capital Hill eyebrows by invoking the Fifth Amendment. Capehart was optimistic about the proceedings. He announced that he was going to ask for $250,000 to carry on the work and predicted that a thorough investigation might take as long as a year...
...gave warning of the shock that was to rip the Federal Housing Administration wide open. It was common knowledge throughout the agency that something was up; T-men and FBI agents had made repeated visits, checked books, collected data. Finally, on Monday, April 12, the government acted: Guy T. Hollyday, chief of the FHA, was dismissed. The normally staid New York Times reached a pitch of near hysteria in reporting, "FHA Chief Out--Frauds Charged--U.S. Opens Study--Files to be Siezed." In an orgy of political moralizing, the press called up spectres of Minks. Deep-freezers and Teapot Dome...
...dismissal was announced. He got the official word by telephone from Presidential Assistant Sherman Adams an hour later, and dutifully sat down in his hotel room to write the requested resignation. A new acting commissioner, Norman P. Mason, a Massachusetts lumber dealer, was named to head FHA before Hollyday's resignation reached Washington...