Credit: Image donated by Corbis-Bettmann
William J. Levitt, America's largest home builder, is shown as he testified today that his firm netted a $5,150,000 windfall profit on his Levittown, New York, Housing Project. Levitt told of his financial dealings with the Federal Housing Administration before the Senate Banking Committee. The nationally-known builder said the profit stemmed from inflated FHA mortgages on 4,028 dwellings constructed in the 18,000 unit New York project. Committee Chairman Homer E. Capehart (R), Indiana, said, "I'm sorry to have to say this, but it is quite a conviction of the housing industry in America."
