HARRISBURG MEMO ...
To: The People of Pennsylvania
Milton J. Shapp,
Governor
From:
N. C. O’Data, a realtor
from Pittsburgh, is not alone
in his concern when he
writes to me about the ■
mortgage market situation
in Pennsylvania.
Mr. O’Data in his letter
said: “I believe that it would
be proper and legal for you to
declare a state of financial
emergency in the state of
Pennsylvania, due to the
mortgage crunch in our
state.
“The construction in
dustry is affected,” Mr.
O’Data continues, “the
prospective home buyers,
the local mortgage market is
on the decline due to the
disregard of the public
demand and the public in
terest.”
Gov. Shapp: Since ap
pointing the Governor’s
Commission on "'Mortgage
Rates and Interest in 1973
and receiving their report, I
have been urging prompt
passage of Senate 8i111255 as
amended.
The bill passed the Senate
this week by a vote of 442.
The measure has now been
sent to the House of
Representatives where we
are hopeful we will receive
quick consideration.
I believe his bill, when
enacted into law, will protect
the consumers in the market
place and restore a degree of
flexibility to mortgage rates
in Pennsylvania.
The amendments exclude
private credit insurance
from the interest rate
ceiling. Insurance, which is
usually needed on high risk
loans, figures to about one
quarter percent of the
mortgage.
Another change allows
money lenders to tack on a
one time only one percent
service charge. For
example, if your mortgage
was $25,000, this charge
would be $250.
Since the arbitrary eight
percent ceiling was
established last year, the
real estate and housing in
dustries in Pennsylvania
have worked under severe
handicaps to provide housing
for low and moderate income
Pennsylvanians.
The mortgage lending
institutions have been
literally forced to send funds
out of state where higher
rates prevail in order to earn
a sufficient return to pay
savers the newly allowable
rates on savings deposits.
This new revenue restores
the degree of freedom of
movement in mortgage rates
needed to bring mortgage
money back into the state.
The formula is based on the
The U.S. Department of
Agriculture (USDA)
proposed to amend the
regulations issued under the
Packers and Stockyards Act
to clarify its position on the
relationship between custom
feedlots and meat packers,
and to hold a public hearing
on the proposal.
The proposed amendments
include specific language to
make clear that meat
packers may not own,
operate or control custom
feedlots, and that custom
feedlot owners may not own,
operate or control meat
packing firms. A custom
feedlot, as defined in the
proposed amendments, is
Goodwill Ind. Opens
East Earl Twp. Store
Goodwill Industries of
Lancaster County held a
Grand Opening for its fourth
store on February 1 at 10:00
a.m. in East Earl Township,
according to Norman L.
Schell, president.
The former Good’s
yield from longterm - ten
years or more - government
bonds with a two-and-one
half point add-on. This is the
formula recommended by
the Governor’s Commission
on Mortgage and Interest
Rates.
The consumer protection
features written into the bill
include a requirement of full
disclosure of the costs of
residential motgage loans as
well as a 30-day notice period
in advance of an attempt to
foreclose a mortgage.
Other consumer features
- are the right of the debtor to
cure any default in mortgage
payments and a limitation on
the use of confession of
judgment.”
P&SA will Hold Public Hearing
on Cuslnm Feedlot Operations
any facility which is used for
the purpose of feeding
livestock for the accounts of
others, excluding feeding
incidental to the sale or
transfer of livestock.
Packers would not be
prohibited from feeding their
own livestock for their own
slaughter purposes.
The statement explaining
the proposal also makes
clear USDA requirements
that custom feedlot
operators who buy or sell
livestock on a dealer or
market agency basis must
register and provide a
reasonable bond.
The proposed amendments
will be published in the
Clothing Store has been
leased by Goodwill. It is
located on route 625 about 1
mile off route 23 north of
Blue Ball.-
Manager for this latest
Goodwill store will be Clyde
Lutz of Denver RDI. A
variety of clothing, shoes,
and recycled furniture will
be sold at rockbottom prices.
Books, toys, and housewares
will also be offered.
Marvin E. Miller, Jr.,
Pennsylvania state
representative and recently
elected board member for
Goodwill Industries of
Lancaster County, cut the
ribbon at 10:00 a.m. of
ficially opening the East
Earl store.
Appetizing Appetizer
Cubes or slices of roast beef
make popular appetizers. Simply
serve a tasty dip such as horse
radish or blue cheese with the
cubes. Or spread the slices with
the dip, roll up jelly roll fashion
and secure with small wooden
picks
Lancaster Farming. Saturday, Feb. 2,1974
Federal Register Jan. 17.
USDA’s Packers and
Stockyards Administration
(P&SA) said the public
hearing will be held Feb. 26-
27 in Des Moines, lowa, at
the Holiday Inn Downtown,
beginning at 10 a.m.
Those wishing to be heard
at the hearing are requested
to notify the P&SA Ad
ministrator, indicating the
time they will need to
present their comments.
However, anyone who wants
to testify will be heard.
Persons wishing to submit
written data, views, or
arguments concerning the
proposal should file two
copies by March 18 with the
USDA Hearing Clerk. U.S.
Department of Agriculture,
Washington, D. C. 20250.
The record in this matter
is open to the public.
Material submitted in
response to this notice,
together with a transcript of
the oral hearing, will be
made available for public
inspection at the office of the
USDA Hearing Clerk.
Copies of the proposed
amendments may be ob
tained from the Information
Office, Packers and
Stockyards Administration,
USDA, Washington, D. C.
20250.
17