Word: rfc
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...other agencies, ran afoul of the powerful real estate lobby. Congress had backed down on price ceilings, had failed to enact the Wagner-Ellender-Taft bill for low-cost housing. Wyatt went overboard for prefabricated homes, which would use vast quantities of still-scarce sheet steel. When he asked RFC to underwrite this assembly-line program he bumped smack into RFC's roly-poly George Allen (TIME...
Boss Wyatt was the one who put the pot on the fire. He wanted RFC to lend up to $90,000,000 to eleven companies, some of which had never built houses, to build prefabricated houses and housing parts. Biggest loan would go to Chicago's Lustron Corp., along with a lease on Chicago's RFC-owned Dodge-Chrysler plant (TIME, Nov. 11). RFC's roly-poly George Allen said flatly: no. Most of the companies were putting up negligible security, might make as much as 14,000% profit if the loans went through...
Crying "emergency," and down with such businesslike considerations for RFC cash, Wyatt rushed to the White House. So did Allen. When they came out, they smiled sweetly, said: "We are in complete disagreement...
When NHA asked RFC to lend Lustron $32 million, RFC also balked. RFC said that Lustron was putting up too little of its own cash. Promptly Wilson Wyatt twirled his blackjack again. He threatened to lay into RFC with another "directive...
...week's end, RFC was still saying no. In the uproar everyone had lost sight of the fact that NHA did not know whether people would like to live in enameled steel houses even if they are made...