The Canadian Record (Canadian, Tex.), Vol. 90, No. 19, Ed. 1 Thursday, May 10, 1979 Page: 3 of 30
thirty pages : b&w ; page 19 x 13 in. Digitized from 35 mm. microfilm.View a full description of this newspaper.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
WHP
'"^5
Mae" is shortly I
«nd she's no |J
Deal days of 1938.1
nee the Han of he, l
r mmvbe her foot] iatil
ago had we ever i
vriting an editorial o
to boost the usun I
traditional 10 percent^
'terence shelf to chi
rigin and purpose...!
sort of chain
e And ant trace af|
lot in current i
any of several e
our local bankrn..
dge of Fannie Mki
■r at this point, i t
actoriiv how Finale SI
with the Texasl^g^
pjuiies and, nuvbt.M
pokcapcraoni
Hon, FNMA'i - ,
isdom of lifttag the 1M
get, that she wwklW
in Immediate lap^jj
ihe lobbyist!
igh Impact to bw
Ised to veto any ^
MNitface.
sion. but Fannie Mj4
iding companies- H«|
ed on p«8'
mouth-to
•mouth r
uts in this
ue call the
office,
[91.n1. and 12
1 Friday.
P.C.l (Suicide
| intervention)
Trained
day or
[Center, 419
}5. Call any-
«ling for
| of problems,
)lism. (Or
«.)
Welfare
k of the Court-
[to 12 noon
lay.
■for the Need-
Hi Lopez at 316
ce couldn't come
Kckttl02W.
- Washington office i^|
Hightowcr's Washi^|
Hu para los
Mac. cither, in anyo^f
Hi cos Theresa
find her listed in theH
d a telephone numb<^H
in Fridav, and nobody,
Hits, renewals,
fternoon! H
H every Wed-
Hd and fourth
ida>, apparently. fiH
Hmth. County
one at 9:30 a.m. Ten^|
HMoore, State
er a little after 10lb.^B
we got a return call
is office who anm^B
Boset - Call
nle Mae? H
j had recalled, as at iH
■ Society at
he precise, and hetii^H
H 323-6258 or
oans In 1948 Fannie^B
ans' home loans ButbH
iitivc branch of federilB
Hl(-MAY16
>peratc "in the pnw^H
IE Act of that year, tlH
■by 10
lae. She is no* uH
with only historical t^B
hones
IP-Hi-. Lodge
on, Pres-
1X12:00
noon
Church
0 p.m.
to 13
Church
Sun-
Sun.
3A Canadian RECORD
CANADIAN. HEMPHILL CO., TEXAS
THURSDAY 10 MAY 1979
The pressure is on
3
Church of Christ. Bible Study
10:00 a.m.; Morning Worship
10:50 a.m.; Evening Worship
6:00 p.m.
First Methodist Church. Church
School 9:30 a.m.; Morning
Worship 10:30 a.m.; Evening
Worship 6 p.m.
First Christian Church. Bible
School 9:30 a.m.; Morning
Worship 10:30 a.m.; Christian
Endeavor 6:00 p.m.; Evening
Worship 7:00 p.m.
First Baptist Church. Sunday
School 9:45 a.m.; Morning
Worship 11:00 a.m.; Evening
Worship 6:00 p.m.; Baptist
Training 7:00 p.m.
Central Baptist Church. Sunday
School 9:45 a.m.-.Morning
Worship 10:45 a.m.; Bible Stu-
dy 6:00 p.m.; Evening Worship
7:00 p.m.
Pentecostal Church. Sunday
School 10:00 a.m.; Morning
Worship 11:00 a.m.; Evening
Worship 7:00 p.m.
Church of the Nazarene. Sunday
School 10:00 a.m.; Morning
Worship 11:00 a.m.; Teen-age
Choir 6:00 p.m.; Evening Wor-
ship 6:30 p.m.
Monday, May 14
Chamber of Commerce, 7:30,
City Hall (Membership Meet-
ing)-
Arts i Crafts Club, 2 p.m.,
homes of members.
Beta Sigma Phi. 8 p.m.. homes
of members.
Tuesday, May 15
100F meets at 8:00 in the IOOF
Hall.
Moose (Women). 7:30 p.m.
WCTl'.
Night Owls HD. 7:30 p.m..
homes of members.
50 s Plus Club, 2 p.m.. Senior
Citizens Building.
Rotary Club meets at 12:00 noon
at the fire station.
ACBL. 7:30 p.m.. wctu.
Wednesday, May 16
Sagebrush Painters, fire station.
Abraham Home Services at
10:30 a.m.
LOOKING AHEAD
tri state high school
rodeo. May 19. 1979 — 2 p.m.
and 8 p.m.. May 20. 1979, 2
p.m.
[continued from page 2]
self-respect by demanding some reforms along
with lifting the interest ceiling.
Governor Clements' proposal is to put a
"floating cap" on interest rates, not to exceed 12
percent, tied to the 10-year US Treasury bond
rate...with an accompanying ban on the "point
system" which the lenders use to conceal the
actual interest rates charged, and a provision to
permit borrowers to re-finance without penalty if
interest rates go down.
The greedier lenders won't like that, but the
reforms are needed and might almost justify a
temporary increase in legal rates. The "floating
ceiling" proposals were scheduled for legislative
debate this week, and should get a lot of attention
from the rank and file citizenry who could be in for
a legal mugging if some restrictions aren't
enforced.
The "points" in question are special charges for
processing loans, amounting to as much as three
percent in addition to the current legal rate of ten
percent. The "points" are charged by the home
loan companies against the seller, so they don't
show up as interest charged on the mortgage...but
they do show up in increased cost to the purchaser
because the seller simply adds these to the closing
costs. They enable the lender to beat the usury rate
by sailing mighty close to the edge of the
law...maybe too close, as a number of lawsuits
challenging the additional charges in Texas arc
currently seeking to prove.
Equally questionable, from an ethical stand-
point, are the clauses written by mortgage lenders
into many home loan contracts providing stiff
penalties to discourage borrowers from re-financ-
ing loans in the future if interest rates go down.
Through these penalty provisions, the lenders seek
to insure that today's home buyers will be paying
top interest rates for the 30-to-40 year life of their
loans even if interest rates drop in the future, as
they are mighty likely to do.
The "flexible ceiling" on interest proposed by
Governor Clements as his price for approving a
hike in interest rates includes a provision for
penalty-free re-financing by home buyers when
rates drop. We hope the Governor will stand fast
on that one, and wish there were some way to
restore this protection to home buyers already
hooked by the penalty clauses in their mortgages.
If soaring inflation, of which high interest rates
are a major factor, does finally push this country
into another Great Depression, the home mortgage
lenders will be among the first to suffer. They need
only look back to the early 1930's for historical
precedent...to a time when the home mortgage
companies found themselves foreclosing on a lot of
houses they couldn't live in and with a lot of
high-priced paper which they couldn't eat. That, as
a matter of fact, is when "Fannie Mae" came into
being, to pick up the pieces.
crv mr of the
iliML 1 ,n a
moment
oonL
offices tells us that about 50 percent of Fannie Mac's business is now
with the conventional home loan companies, although she still
underwrites FHA and VA paper (cxccpt. for the moment, in Texas),
and she is now the nation's largest supplier of mortgage funds.
So Fannie Mae, who came into life as a legitimate daughter of
Unde Sam, left the neat in her twentieth year and is on her own now
and, obviously, doing very well Indeed. But since she packs a lot of
clout on the home mortgage market, and has a mighty big influence
on everyone who Is buying or building a home and borrowing money
to do It [enough Influence to turn the heads of your legislators and
change the mind of your govemorl we thought you ought to know a
Uttle more about her.
CANADIAN
REDIMIXj „ ^
24-Hour Service
Sand, gravel*
masonry sand
Day phone
323-5379
Night phones
323-5089
323-5383
JERRY SMITH
***°w ofTrwfiesaNtv
Working Together.
Growing Together.
Jus! as a man and his
wife often work side by side
to make a place grow and
prosper, so do many of
these families work to-
gether through the Proauc-
tion Credit Association to
provide themselves with
the money they need to
grow on
The PCAs are agricul-
ture's own credit source —
owned not by the govern-
ment but entirely by the
people who use our ser-
vices Working together,
these people reach into the
nations financial capitals
Borrow billions of dollars
and loan it to themselves —
all on the best of terms
That s the PCA People
working together and grow-
ing together When you
need a financial hand, stop
m Let s talk
Lefstafc!
STEVE WATERS. VICE-PRESIDENT
109 H. 2nd
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Newspaper.
Ezzell, Ben & Ezzell, Nancy. The Canadian Record (Canadian, Tex.), Vol. 90, No. 19, Ed. 1 Thursday, May 10, 1979, newspaper, May 10, 1979; Canadian, Texas. (https://texashistory.unt.edu/ark:/67531/metapth136591/m1/3/: accessed April 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Hemphill County Library.