Quote – Harry E. Karr, Real Estate Board of Baltimore, Testimony, Committee on Banking and Currency. Senate.

A mortgage is just one of the things that you cannot guarantee. When the real-estate market completely goes to the bad and crashes, there is not money enough in this country or any other country to sustain mortgages at an even level. They have got to take the go-down, just the same as any other security or any other commodity.

Harry E. Karr, Representing Real Estate Board of Baltimore (pgs 217-223) , Hearings. Committee on Banking and Currency. Senate. May 16-19, 21-24, 1934.

Wednesday, May 16, 1934
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