Federal Housing executive promoted. Washington, D.C., May 12. Frederick M. Babcock has been named Director of the newly established Underwriting Division of the Federal Housing Administration. Babcock, Chief of the Underwriting Section until it was reorganized into a division, has been with the Federal Housing since 1934. Under his direction the Babcock System of Appraisal was established and the Babcock Manual on this subject has now become accepted as standard generally throughout the United States. He is a native of Illinois and a graduate of Northwestern University, 5/12/1937