The Cherokeean. (Rusk, Tex.), Vol. 126, No. 22, Ed. 1 Thursday, November 1, 1973 Page: 4 of 20
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PAGE KOMR-THE CHEROKEEAN OF RUSK. TEXAS. THURSDAY. NOVEMBER I. 1973
JoEd Anderson, president of
the Cherokee County Board of
Realtors, this week joined the
1,600 real estate board presi-
dents across the nation, in
calling on Congress to enact
legislation designed to direct
money into mortgage lending
institutions so that the current
mortgage money crunch will
be solved.
"Much attention will be
given to our concern for the
home loan situation as it exists
now in the Nov. 915 Washing-
ton. D C . National Association
of Realtors convention," An-
derson said "Our N A R
president, J D Sawyer of
Middlelon, Ohio, is directing
an immense petition program
among our members which
will be presented to the US
Senators and Representatives
in Washington in the hope of
Board of Realtors
Presidents
Work for Legislation
bringing to bear the serious-
ness of the problem to the
welfare of the real estate
industry.
"President Sawyer's pro-
gram underlines a five-point
plan which calls for: first, that
the government act to main-
tain differentation of interest
rates paid to depositors in
mortgage lending institutions
and commercial banks to
encourage savings that would
supply cash for home loans.
Another point is to ask for an
expansion of the Federal Home
Loan Bank's access to inex-
pensive funds so that mortgage
lenders can supply mortgage
loans at more reasonable
interest rates
"The petition will also
emphasize our interest in
finding new ways to stimulate
and increase the flow of
private mortgage money into
housing, such as tax credits for
commercial banks, pension
funds and insurance compan-
ies for funds invested in
housing; and tax exclusion on
the first ten thousand dollars
deposited by savers with
mortgage lending institutions.
"We think also the new
methods of fiscal control, such
as removing government com-
petition for investment dollars
by increasing higher minimum
denominations for Treasury
obligations, encouraging cor-
porations from issuing low-
denominations securities, and
a dual prime rate to differenti-
ate between residential lending
and commercial or corporate
lending."
The final point that will be
stressed in the petitions to
Congress on the behalf of the
real estate industry will be the
"strengthening of the secon-
dary conventional mortgage
money," Anderson said. "The
present mortgage money crisis
touches most people in our
mobile society, and for buyers,
it has meant down payment
costs from 10 percent to 20
percent, meaning that many
individuals are not able to buy
much-needed housing. Low-
income people are especially
hurt; they simply cannot buy a
new home. Those who try to
sell, cannot, on the other hand,
find buyers able to negotiate
the money crunch. We hope
Congress will respond to our
nationwide petitioning.'
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RUSK
HAS THE FOLLOWING REAL ESTATE FOR
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The Cherokeean. (Rusk, Tex.), Vol. 126, No. 22, Ed. 1 Thursday, November 1, 1973, newspaper, November 1, 1973; Rusk, Texas. (https://texashistory.unt.edu/ark:/67531/metapth151042/m1/4/: accessed May 21, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Singletary Memorial Library.