Some 300 Washington area realtors, mortgage bankers and guests, winding up their annual convention at this mountain resort, heard:
A prediction from D.C. City Council Chairman Sterling Tucker that new rent control legislation after debate and amendments, will be passed before the end of July. The measure would permit rent increases from 2 to 10 per cent now and raises tied to the cost of living in 1979.
A report from realtor Foster Shannon, president of the Metropolitan Washington Board of Trade, that he has been working hard to convince city officials that "it's not a sin to make money." He also said that he has been telling other business leaders that rent control will erode the profitability of rental housing in the District and will, in turn, hurt the entire community and all businesses.
A pledge from Philip Nichols, assistant regional vice president for home loans of the Federal National Mortagage Association, that FNMA has given top priority to private market lending to middle-in-cime persons who want to buy and fix up deteriorating houses in cities.He said neighborhood and government support will enable lenders to do business in declining areas with structurally solid old houses.
A world from John H. Dalton, president of the Government National Mortgage Association, that nearly 30 per cent of new GNMA issues of mortgage backed securities were sold in 1976 to private pension funds and state and local retirement funds. The securities represent a share in a pool of FHA and VA mortgages.