University of Virginia Library

MORTGAGE LOANS TO UNIVERSITY STAFF AND FRATERNITIES

Mr. Gray, as Chairman of the Finance Committee, referred to the University's practice of
making mortgage loans at low rates, currently four and a half per cent, to University personnel
and to fraternities. He commented that an increasing demand for such loans was to be anticipated
and that his Committee would like to hear from the Board if any Visitors objected to the practice
or felt that interest rates should be raised.

Members of the Board pointed out that the loans were made on security the equivalent of
that required by banks. No adverse comments were made, and no action was taken.