Word: hollyday
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...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...
...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...
...Injured Bystander. The mortgage scandals were clearly no fault of Hollyday's since Section 608 had lapsed in the Truman Administration, three years before he took office. In the Title I scandals, he had been hamstrung by FHA's inability to inspect the repair loans it was required by law to guarantee. Last fall Hollyday took the only course left to him: he issued regulations requiring banks to take more responsibility for loans, and asked the FBI to investigate abuses...
President Eisenhower got word that Virginia's Senator Harry Byrd was about to make the old scandals more public than they already were. Ike wanted to beat Byrd to the draw. Hollyday was the victim...
...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...