The Daily Banner, Greencastle, Putnam County, 20 March 1968 — Page 14

'cn 20, 1968

ihe Daily Banner, Greencastle, Indiana

Page 14

About a Difference In Mortgage Ideas

By JAMES L. SRODES WASHINGTON (UPD—Like a gunfighter showdown on the sunbaked street of an old Western movie town, two tall Texans face each other in the steamheated halls of Congress. Housing mortgages may not be the hottest issue around, but wh^n the shooting stops it may turn out that the only casualty is the homebuilding industry—hit by a stray shot. Lyndon B. Johnson, boss of the LBJ Ranch and the U.S.A., and Rep. Wright Patman, DTex.. foreman of the House Banking and Currency spread over on Capitol Hill, have squared off—each claiming to have the only true solution to getting more private money into the homebuilding and buying market. Oddly enough, some of the arguments advanced by the two sound pretty much alike. President Johnson says he is convinced that only by raising interest rates on FHA and VA mortgages can private lenders be induced to put their money into that market. The reason for the present reluctance, he says, is that housing mortgages are long-term, high risk investments and the current 6 per cent ceiling on the VA and FHA backed mortgages almost forces investors to seek other areas of profit.

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Some of this money, of course, flows into conventional housing loans with their higher interest yields. But about half the states have ceilings on such loans ranging from 6 to 8 per cent, which also tends to depress housing activities in those areas. But, get rid of the ceiling and raise the rate and private investors will flock in, the market will have enough money, housing will boom and the President’s goal of 26 million new private and federally assisted housing units in the next decade will come true. Rep. Patman says raising the interest rate ceiling will curtail housing, not help it. His argument goes like this: The housing market is special. If it didn’t need special stimulation, there would have been no need for the FHA, VA and Federal National Mortgage Association 'FNMA) in the first place. One of the reasons it can’t compete in the money market is that housing mortgages are long-term, high risk investments. Like Johnson, Patman argues that an investor usually prefers to put his money into lower risk shorter-term investments. But this is where Patman parts company with Johnson. Remove the ceiling, Patman states, and interest rates will climb—probably to 7 per cent. This can only lead to fewer— not more—houses. Cites 1965 To prove this he cites 1965 when FHA raised its interest rates three times to the statutory limit of 6 per cent. During the period the number of housing units insured by FHA dropped 20 per cent from 593,000 in 1965 to 470.000 in 1966. Housing for poor and moderate income families declined 27 per cent during the same period. Raise the ceiling—say to 7 per cent—and the cost to the buyer will go up about 11 per

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WHEREAS, the ORDER OF DEMOLAY is a character building organization of young men fourteen to twenty-one years of age, who are seeking to prepare themselves as better leaders and citizens for tomorrow by developing those traits and strengths of character of all good men; and WHEREAS, the organization carries out the aforementioned goals through programs of athletic competitions, social activities, civic and charitable service

projects; and

WHEREAS, all the DeMolay members of OMNES Chapter will observe the period of March 17-24 as "International DeMolay Week" in celebration of their 49th Anniversary, so as to exemplify to all citizens here and elsewhere their many activities, and to show recognition to their millions of Senior

DeMolays; now

THEREFORE, by the authority vested in me, March 17 - 24 be observed as

I proclaim that

INTERNATIONAL DEMOLAY WEEK and call upon all our citizens to join in saluting the young men of the Order of DeMolay and in expressing our grateful appreciation of the fine examples set by these young leaders in contributing to the welfare and character of other young men in this community, thus aiding in the development and leadership of tomorrow.

v »i.«

-Organize to back Rocky

Rockefeller’s name on the GOP ballot May 7 as an opponent to Nixon will be made. Could Make Deadline Walton said the group knows the requirement to get 500 names of registered voters on petitions in each of the 11 Indiana congressional districts but believes that by working through universities and colleges this could be done before midnight March 28. Because of the slower process involved under the 1967 amendments to the primary law, no candidate has yet filed. Gordon Durnil, executive secretary of the Indiana Nixon for President organization, said the necessary petitions for the for. mer Vice President are expect, ed to be filed March ?7—om day before the deadline. He said all of the petitions are expected to be signed by Friday

with the wrapup on getting the signatures verified by county clerks to be done by early next week. Royal wedding BANGKOK (UPI) — Miss Universe of 1965, Abhasra Pook Hongsakula, 21, married into the royal family of Thailand Monday in a ceremony preformed by King Bhumibol and Queen Sirikit themselves. She wed Kiatikhun Kittayakorn, a fourth generation royal descendant, an official in the government economic relations department. Costly sale MATSUYAMA, Japan (UPI) — Eight women were injured when 3,000 females crashed through glass doors and windows to get into a bargain sale at a department store Monday.

Not reported

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By NAT GIBSON KHE SANK, Vietnam (UPI)— U.S. Marines at the heavily bombarded Khe Sanh fortress often keep quiet about minor wounds, avoiding medical atten. tion and the Purple Heart that goes with it. Most of the non-reported wounds are minor shrapnel injuries known as '“dings.” Some are more serious. One Marine, for instance, used his own penknife to carve a hunk of steel from his leg. It was the Marine’s third wound since arriving in South Vietnam and he wanted to stay with his buddies at the surrounded outpost. This feeling coupled with a desire not to worry families back home seem to be the main motivating factors behind the Marines’ recluctance to report wounds. Under Marine regulations, a man’s family is informed each time he is hurt. After three battle injuries, he is automatically rotated back to the states. Khe Sanh’s commander, Col. David Lownds, 47, of Plantation, Fla., said he has heard reports of his men resorting to selftreatment, but believes the practice was not widespread. Men in the line tell a different story. “I have heard a lot of guys doing it,” said S. Sgt. Bryson Allen, 26, of Wichita, Kan. “If they have a major wound, they go to the medics, but not for any of these petty things.” Allen should know. Since the siege began on Jan. 21, he has been hit by shrapnel three

times but reported none of his injuries to the medics. “They were nothing but scratches and I do not want a Purple Heart,” he said. “They can give me any medal they want, but I can do without a purple heart.” The sergeant said the criteria for Purple Hearts should be raised. Presenting them to men with minor wounds diminished their significance, he said. Another Marine, who declined to be identified because his parents think he is stationed in Da Nang, said he did not report his wound because he wanted to stay in Khe Sanh and feared the medics would want to evacuate him. “I have a lot of good friends here,” he said. “I want to see it through to the end with them.”

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FINNEYS * \ 66'

Rescued

ESBJERG, Denmark (UPI)— A Soviet freighter rescued the 20-member crew of a Spanish vessel in distress 100 miles from Esbjerg in the North Sea Monday. The Danish Air-Sea Rescue Service said the Puerto de Ayamonte had radioed it needed towing assistance. Recover loot CANTERBURY, England (UPI)—Detectives Monday recovered all valuable silver and medals stolen from an Army museum Sunday after raiding several houses in the area. Police still were searching for silver stolen from historic Canterbury Saturday.

Revival Services MABCH 21-31 7:30 Each Evening Hear HEV. GABNALD D. DENNIS Evangelist GLOVEBDALE CHDBCH OF THE NAZABINE Grant and Hater Streets Cloverdale, Indiana L. E. WELLS, Pastor THE GOAL TBIO Of Westfield, Indiana, Will Be In Charge Of The Music and Singing

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