16—Lancaster Farming, Saturday, September 22, 1973
Anyone trying to buy or trying
to sell a home today is finding the
market very difficult The dif
ficulties stem from the lack of
mortgage money available.
Over the recent congressional
recess, I had an opportunity to
talk to a number of constituents
with an interest in this problem.
These discussions left me with
the impression there are two
solutions that must be pushed
along - one short-term and one
long-range
The short-term solution
depends on the willingness of
local lending institutions to
cooperate with realtors m
making money available to
people who want to buy homes.
This would mean some sacrifice
on the part of these banks and
savings and loans, and ultimately
sacrifices for their investors, be
cause there is more money to be
made these days in lending
markets other than the home
mortgage market
But home mortgages are the
economic life-blood of a com
munity. Short-term sacrifices
now - and that means lending
money at a very substantial
interest rate of 8 percent and up -
means more good customers and
investors for the banks and
savings and loans in the future.
No one puts more of a premium
on the financial stability that
comes from property ownership
than those of us in the Penn
sylvania Dutch country.
But local cooperation to assure
a continued strong housing
market cannot be expected to be
a final answer to present
problems More final action must
be taken at the Federal level,
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oo Zetut- Ctmeotd —fr o m teat to tanki
ESHLEMAN’S
HINGTON REPORT
and, in particular, by the Federal
Reserve.
The mortgage situation is
serious because the Federal
Reserve has been “tightening”
money as an anti-inflation
measure. What this means is that
less dollars are being put into
circulation so that there are less
dollars available to be spent. And
the less dollars spent, the less
inflation we have.
However, when money is
tightened, the first place that
spending is curta*.ed is on loans,
particularly long-term loans.
Therefore, a tight money policy
usually causes a downturn in
mortgages.
The long-range solution to
present ills involves the Federal
Reserve loosening its grip
somewhat on the money supply.
That seems likely to happen as
soon as the economy begins to
respond to all of the anti-inflation
steps that have been taken in
recent weeks.
The other thing that can be
done at the Federal level is to
cease unfair government com
petition for investment dollars.
Interest paid on various govern
ment certificates has gotten so
high that investors are putting
their money into government
hands rather than into private
firms. Without the investment
dollars, private institutions are
left with less money to put out in
home mortgages. Therefore, if
we in the Federal Government
are really concerned about
making it possible once again for
the average wage-earner to buy a
home - and the situation is
serious enough that everybody
_ _ - 1 ry -| The standards and procedures
rVI O « AT fl orl are being adopted substantially
11CW kjCCtl as proposed, and are scheduled to
appear in the Federal Register
Procedures Adopted fromtheD°re C torG^inDivision
JL AMS, U. S. Department of
The U S. Department of r Agriculture, 6525 Belcrest Road,
Agriculture (USDA) announced Hyattsville, Md. 20782.
the adoption of standards and
procedures to be followed by
certifying agencies to help assure
the genetic purity and identity of
certified seed under the Federal
Seed Act. They become effective
November 1.
USDA’s Agricultural
Marketing Service (AMS) said
the new standards and
procedures establish a uniform
system to be followed by state
seed certifying agencies in the
production, handling, and
labeling of all classes of certified
seed so that it may be
represented as certified seed
when shipped in interstate
commerce.
The amendments define cer
tain terms relating to certified
seed; set eligibillity
requirements and procedures for
the production, handling and
labeling of certified seed;
prescribe minimum standards
for land, for isolation to prevent
cross-pollination, and for genetic
purity; provide for interagency
certification; and require that
certain records be kept to
establish the history and identity
of each lot of seed certified.
The proposed standards and
, had better be concerned - we can
at least see to it that the places
who lend money for homes are
able to get the investments they
need to make those loans.
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procedures are essentially the
same as the minimum adopted by
the Association of Official Seed
Certifying Agencies, and were
published in the Federal Register
May 25, 1972. A public hearing
was held on the proposal June 28,
1972 in Washington D C.
mm
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