Road to Better Living, The (1959)

survey shows American people did to a better house than any people in history well I first read that on the release i thought to myself they call that news everyone knows that even using the word in the broadest sense we are housed in more comfortable homes and apartments we buy in more efficient stores and shopping centers we work in healthier offices and factories we know all this but how many people know how this amazing progress came about where does the money come from because of the millions i mean billions of dollars it takes for this tremendous building program in fact it's impossible for the human mind to grasp the total amount of money that has been required to build the America we know today where then does all this money come from now we're getting to the point that is news the point this survey mates and to me it's a fascinating story one on which I have had reason to do some interesting research it really started when the first settlers came to this country on their road to better living most 30 forebears of ours were willing to endure the hardships of the early American wilderness for the sake of personal freedom and one of the greatest rewards of that freedom was the opportunity to build their own homes and become owners of property modest though it might be in the next hundred years settlements grew and flourished and the folks who worked hard and we're thrifty could build better homes and better farms the settlements became towns and cities trade and commerce started artisans and merchants expanded their shops and stores the spirit of the free world had taken root in North America and the winning of American independence charted its future course by the late eighteenth and early nineteenth century average citizens as here in Williamsburg we're beginning to have savings in excess of their immediate needs this started them looking for the way to provide long range protection for their dependents to satisfy this need life insurance companies were organized and people began taking out policies the funds accumulated from the premium payments were invested by these companies from the very first in such safe securities as mortgage loans on real estate and mortgage loans have become a traditional form of investment for these institutions at about the same time savings banks were granted charters by the states and the savings of individuals were not only safe guarded but channeled into further community enterprises the rest of the century witnessed unprecedented growth and expansion as American frontier swept westward toward the Pacific new towns and cities sprang up in the wake of transcontinental railroads and across the land new industries were born much of the expansion during this century was provided for by private capital in many large individual fortunes and industrial empires were thus founded but as time went on and the country kept on growing individual fortunes were no longer adequate to finance the continued expansion during these years however the insurance payments and savings accounts of millions of small savers piled up enormously these funds of all these small savers are put to work for the American economy good for the small savers and good for the economy the trustees of life insurance companies savings banks Savings and Loan associations commercial banks and pension funds must invest with a minimum of risk outstanding among such investments are mortgages interest-bearing loans on homes and other buildings in 1934 the government cooperated with private business in creating FHA FHA was born in the Depression when nothing much was economically sound here was a sound idea face for the national need for more homes and a more consistent supply of mortgage money to build them FHA came to the rescue by ensuring long-term low monthly payment mortgage loans home ownership was made possible for additional millions of families and stimulated a tremendous volume of construction now most of the great saving and lending institutions were in the older parts of the country thus insurance premiums and savings deposits tended to concentrate in the east these institutions began to make mortgage loans in the areas from which the premiums came as this practice grew a new profession came into being the profession of mortgage banking you see how it grew naturally in response to the needs of the country mortgage banker is a specialist who obtains loans large and small for people in his own area from any number of local and national institutions in doing this he brings funds for construction into his hometown which would not be available locally and after the mortgage is executed he handles all the details for both the investor and borrower until the loan is paid off it's quite obvious that these specialists the mortgage bankers play a leading part in the country's progress on the road to better living for us all a quarter mortgage bankers like well about like any other hard-working businessman suppose we visit one James Chandler let's follow this caller mr. Leonard Mercer of the pasco Products Corporation who was referred to Jim Chandler by a mortgage banker in the area of Pascoe's Home Office it's quite an attractive office you have here Thank You mr. chan wait come here mr. Mercer it's your first visit here yes it is we hope it won't be your last well that may depend on you mr. Chandler we're decentralizing our operations we're going to build a new plant somewhere in this part of the country we're looking for a site your city is one of several under consideration but before we decide there are a number of problems to be resolved would you be interested in exploring these with us oh we certainly are interested this would be a fine thing for the city there are several properties here I think you'll find very suitable here's one over here's another but there's one just so happens there's a shopping center going up right near that spot that would be convenient for your people yes it would the railroads already assured is that spur try can easily be extended to this area now that's the kind of information we need suppose I take you to see George Christie the industrial secretary of the Chamber of Commerce he has all these facts at his fingertips locations freight rates electric power and so on that would be fine when can you arrange it whenever you say the sooner the better have you been in touch with the City Council are not yet that's another thing we'd like to be sure of a cooperative local government you'll have no worry here George Christie please after we've talked to the chamber I'll take you to see the city manager in the Commissioner of Public Works hello George Jim Chandler oh I'm fine thank you say George I have a gentleman I'd like to bring over to talk about locating a factory here I thought you would 11 fine we'll be there you don't waste much time well but that's what we heard about you now if our plans work out I understand you're in a position to arrange the construction financing as well as the permanent mortgage loan yes we have good connections with our local banks for construction money and when the building is completed we can place their permanent mortgage with one of our institutional investors good now there's one other aspect of this move that's important to us it's housing you see will be bringing in a number of our people and we have to have some assurance that homes will be available for them how is the local housing situation well frankly it's a little tight at the moment hmm that's disappointing well not necessarily let that be our problem well we can start over there now if you want to if you're coming in here mr. Mercer and your people need housing it's up to us to see that you get it and we'll get it for you Oh mr. Chandler yes Henry on Frank Houston's home mortgage we've arranged to defer his payment this month he's out of the hospital now I'll be back on the job soon glad you took care of him is a good man has a good record with us yes sir mr. Chandler is that your usual practice oh yes when there's a good reason the lending institutions allow us reasonable discretion in cases of emergency I'll seem tomorrow yes they recognize their responsibility to the borrowers in many ways let's go as the two men walk along the street they come to some current construction being financed by Chandler and company a little farther along they passed several substantial older buildings put up more than a quarter of a century ago when Jim's father james h chandler senior was head of the firm Chandler and Mercer pick up George Christie at the Chamber of Commerce and move on to the city manager's office all agree that the City Council will have to authorize the water company to extend the necessary mains the city manager assures them this can be done as well as anything else that will help the move the meeting ends on a high note of enthusiasm Jim Chandler is pleased but he knows full well all the work that still will have to be done behind the scenes if this project is really to get off the ground the next day finds him calling on Phil Regan a local builder with a good reputation Jim wants Regan to build a number of new houses on the old purple property all right i'll try to have it for you by thursday okay Phil this is the kind of home we're looking for it's the best group of homes in that price class we've had yet they'll go well on that Whipple track a gym I've got about all the work I can handle right now I'd like to do it for you Jim but I just can't see my way clear this isn't for Jim Chandler of Phil Regan this is for the city a brand new industry new employment you business all along the line Phil no matter what other inducements we offer them we can't bring them in here if we can't house them are gonna gym Chandler you're a hard man who turned on well it's the penalty of your business what do you mean you know a home builder builds more than homes he builds communities cities lives I ought to know better than I let you in here every time I do it's the same thing look if I can arrange for the additional line of credit I'll get it for you well what are we waiting for let's draw our plans on these two models send the mail I still like this one over here let's send all three all right don't what we'll do now we are beginning to see something of what a mortgage banker really does the full and active life he leads much of it behind the scenes betterment of the community of course things like this are not accomplished overnight while he is waiting for word on the pasco factory the next few weeks Jim is busy on a wide variety of business projects for people being endless here is the Simmons loan commitment for your signature oh yes yeah this means a pretty little ranch house for those kids out on clover road I'm glad there's such a nice young couple as nice as they come 20 years ago one of the first mortgages I made was for Jake Simmons young bills dad bill was just a little tight then I remember I just bought a new car and I let bill sip my lap as we stated around the block he's never forgotten it now see you haven't either what is this Civic committee you asked me to remind you about oh yes the city manager asked some of us to serve on a community redevelopment committee write him a note and tell him I'll Sarah yes sir and then you'd better line up my appointments for my trip East next week I want the complete file on the Sibley housing tract the cooperative apartment the Dewey warehouse and the new medical center of course will you want the pasco material no I guess not we haven't heard from them that isn't like Mercer sent them everything they needed weeks ago but Tom Chandler speaking Oh put him on that woman's intuition long distance mr. Mercer calling yes sir how are you I haven't called before gym because I didn't have anything definite now I have you got a deal the board is approved locating the plant in your town we're ready to go as soon as you can set up the financing you'll get the letter tomorrow you have all the figures you need don't you oh yes it'll take a few days to work them into presentation form fact is I'm going east next week I'll submit it then you bet I'll be in touch with you Leonard Oh same to you by okay I'll take that Pascal material yes sir so Jim Chandler heads east with several loans to discuss with a number of lending institutions with whom he constantly transacts business one of them is a life insurance company where he is welcomed by EDD Stevens vice president in charge of mortgage loans it's nice to be back here again well what are we brought us this time Jim we know you've always got something interesting whenever you come to see us yeah I've got several things he read one of them a new plant loan I believe you like to get a couple of our industrial lone man in here send in Wilson internal please specialists come in and for the next several hours study the facts figures and exhibits jim has presented they ask him direct penetrating questions to which he gives his answers in the same direct informed manner well Jim I think that does it you certainly brought us something concrete to take to our loan company thanks a lot gentlemen have it all ready for you in the morning I'm sure we'll have our answer for you in a hurry in addition to the facts and figures about this new factory proposition I was glad to get the site information you are always able to give us on conditions generally in your part of the country you know without photos like you we'd have a much tougher job investing our phones well I'm always glad to help I mean it do you know more about conditions out there then we could learn in years that's why we rely on your judgement come here take a look at some of the projects we're working on with other mortgage bankers from all over the country I'd like to I'm always interested in new ideas as Jim Chandler studies the fascinating exhibits the latest ways for making life happier for so many he secretly thrills again to being a part of this important business with men like Ed Stevens and his associates who feel their solemn responsibility both to the policyholders and to those who benefit from the mortgage loans it is a business yes but a business guided by the highest ideals in one community where the need for moderate price housing was critical our mortgage correspondent came up with this wonderful development to take care of several hundred families that moderate means as you can see it's a lot more than just a roof over their heads look at that setup isn't that a knockout and here's a beauty a garden apartment unit in another community and here's something I like a group of private homes plan for a southern location the emphasis you can see is on individuality yet the basic architectural style is admirably adapted to the climate I think you'll be interested in this one too a truly modern office building where the people can really work at ficient lien comfort it's this diversity of projects gym that helps us all diversify our investments and I don't need to tell you how important that is that's why you mortgage bankers are the most versatile source of mortgage loans the kosher are the makers of all types of mortgages like the factory you brought in today here's another plant we furnish the money for not so long ago we liked it because it provides about every feature possible for the well-being of the people who work there including a fully equipped medical department for example I'll be on the road in the next few weeks inspecting most of these projects when are you coming out our way again oh I'll be out there first week in September fine i want to show you how our operation has grown since you saw it last and the town too it's really moving ahead with the times i look forward to a gym i'll be seeing it right soon after Labor Day ed Stevens arrives in Chandler's hometown Jim shows and around his office ed is keenly interested in the mortgage bankers various departments on the office floor where all aspects of servicing are handled when you know this town has some really outstanding real estate people see over there yeah the older man with a young couple that's gene Guthrie a local realtor he and Henry Sherman have worked together before can always tell can't you town with good real estate people is a more substantial community because more people own their own homes that's right now this is the way your payments will work out the first year this proportionate share applies on principle while this part covers interest taxes insurance and so on now through the months and years your interest payments become less and less well the part on principle becomes more and more until by the twentieth year your payments are practically all principal no I understand it that's a good way of showing it Oh mr. Chandler oh excuse me a minute Anne Shirley folks this is mr. Chandler this is mr. mrs. Russell we've just closed a home loan for them oh good you know mr. Gunther of course oh yes of course how are you gene where Jim I hope mr. Sherman is taking good care of you sure is this is a dream come true for us owning our own home so soon thanks to mr. Guthrie he told us about this low payment mortgage well you're in good hands when a real tour like mr. Guthrie is looking after your interests he's shown a lot of people how to realize this particular dream glad to have met you if you should ever need me for anything I'll be around here thank you good to see you gene thank you Jim Jim we're glad to have mortgage bankers like you represent us as our loan correspondents it's more efficient and less expensive you're doing a job here we couldn't begin to do from our home office well it I figure we all need each other the Russell's need us and we need the Russell's we need you and you need us Jean Guthrie needs all of us and we all need men like Jean Guthrie you know Jim as my little niece said to me the other night uncle you said an armload seriously though this money the savings of all these people when put to work in this way well it benefits everybody the butcher the baker the candlestick maker every every wage earner every merchant that's the reason I like this work I know what you mean that and I'll go along with that but now if we're going to inspect those new properties we better get going I just pick up my things in the office here the two men visit several projects in progress the new Pascal plant an impressive example of the healthy employment of private capital the savings of thousands of average citizens but beyond even that here is one insurance company like many others investing more funds in an area than it receives from the area in premium income Jim takes and around to see the new houses Phil Regan is building with Jim's financing the insurance company has no financial interest in this part of the project but EDD Stephens always likes to see what mortgage bankers are doing Jim is financing the mortgages on these houses later he will transfer the individual mortgages to one of the savings banks or insurance companies he represents these institutions welcome the opportunity to spread their investments in government insured mortgages and the ripples of prosperity like those from a pebble dropped in the water reach out farther and farther to benefit more and more people every trade profession and business in the community so there you are that's why I meant when I was trying to tell you what mortgage bankers are like what they do we've come a long way from the housing of our founding fathers but the progress we have made in this country traces back directly to the ideals and aspirations to which they were dedicated all of us who have savings accounts and life insurance play a part in today's great building program and we can take everlasting pride in the knowledge that together with men like Jim Chander we are steadily building our own road to better living now and pull the future you