THE MORTGAGE CORPORATION.

Pahiatua Herald, Volume XLIII, Issue 13182, 14 February 1936, Page 7

THE MORTGAGE CORPORATION.

STATE ADVANCES ARREARS. One ot the many problems confronting the Government- is the plight of the mortgagor under the .■nrmpr system of State advances, who either chose not to surrender his mortgage to the Mortgage Corporation or failed to have his obligations taken over by the corporation. Many such mortgagors are heavily in arrears, and are now anxious to know where they stand, and what are their prospects in respect of the Labour Government helping them. Although numerous inquiries have been made by harassed mortgagors, the Government has not yet disclosed its policy regarding such cases, from the correspondence sent to the authorities, it would seem that many o the borrowers under the State Advance's Act, whose mortgages have not been taken over by the Mortgage ( orporation, are confident that the corporation is to he abolished, ami that tin* old system of State -advances on easy terms will be restored. As far as can be gathered in Ministerial circles, such anticipation is not likely to he fulfilled. There is, indeed, no prospect at all of the Mortgage. Corporation being abolished in the meantime, if at any time in the near future. It is admitted that the matter is a, difficult one* as the question of guaranteed prices is associated with the necessity for the adjustment of mortgages. Those in close touch with the position express the opinion that a de finite statement by the Government on the question would go far to clarify flic situation and possibly relievo a great deal of anxiety.