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Associated Press
AUSTIN — A so-called compro
mise bill was introduced Wednesday
in the hot fight between those who
want to keep Texas’ homestead law
intact and those who want to allow
second mortgages.
“My bill is not a repeal of the
Homestead Law; nor is it a second
mortgage bill,” said Rep. Bill Ham
mond, R-Dallas.
Hammond’s bill, which he calls
the “real value access mortgage
plan,” would allow a homeowner to
obtain a new first mortgage in excess
of existing debt, provided the owner
used part of the loan to pay off what
is owed on the house.
Texas is the only state which pro
hibits homeowners from borrowing
money against the paid equity in a
home for purposes other than home
improvements or taxes on the house.
“With this new first mortgage on
the home, the owner could pay it out
and have money left for sending his
children to college or to invest in a
small business,” Hammond said.
Hammond said those seeking a
REVAMP loan would have to meet
the same qualifications as those ap
plying for a first mortgage to pur
chase a home.
“This scrutiny will prevent con
sumers from getting in over their
heads, as some have feared,” Ham
mond said.
Hammond’s bill is the first of sev
eral expected concerning the state
law that protects a person’s resi
dence from being seized to pay a
debt. Attempts to pass a second
mortgage bill have failed in the past.
3M Company announces
division to relocate in Austin
ire
Associated Press
AUSTIN — The 3M Co. plans to
;move a third division to Austin from
fits base in St. Paul, Minn., adding
jnore workers to the 550 employees
1 already moved or moving to the city.
! The company says it will move its
Ismail but growing Telecomm Prod
ucts Division to Austin by February
; 1986, giving 250 Minnesota employ
ees the chance to move with it.
“This is yet another chapter in the
saga of our Austin operations,” said
Ken Froslid, 3M spokesman in St.
Paul.
More employees will be hired lo
cally as the Austin operations grow.
3M officials said they expect a work
force of more than 3,000 by 1990 in
a plant the company plans to build
northwest of the city.
“I would expect there will be more
of these announcements as time goes
on,” Froslid said. But he added “the
speed of this is going to depend on
business conditions and the general
economy.”
3M already has two divisions in
Austin.
The company earlier announced
that it will buila A huge complex on
162 acres northwest of Austin, about
two miles from Lake Travis.
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Texas farmer says federal loans,
price controls caused foreclosure
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Associated Press
LEVELLAND — The farmers who gathered for a si
lent protest at the foreclosure sale of a Hockley County
farm say they worry that such sdles will become an ev
eryday occurrence.
But unlike farm foreclosure sales in other parts of
the country that have prompted outrage, the approxi
mately 100 farmers who attended Tuesday’s sale at the
Hockley County Courthouse watched quietly.
Kenneth M. Means, a Haskell native who had been
operating a 163-acre farm for three decades with his
wife Ruby, looked on silently as Small Business Admin
istration trustee Tom Swanner put up the final bid on
the property at $500 an acre.
“It’s nard to realize that you’ve spent 32 years doing
something and then wake up one morning to realize
you’re a failure,” Means said. “But I didn’t just get into
this overnight. It’s been going on for eight years.”
Means, 52, told the Lubbock Avalanche-Journal that
his problems started when he began financing his crop
production with federal government loans instead of
through banks.
Through price controls on agriculture, Means said
the government made it virtually impossible for him to
Senate
(continued from page 1)
The Senate also approved the ap
pointment of six new Senators. The
new senators are John L. Moore,
Mike Mulcahey, Amanda Schubert,
Donna Costello, Jose Castro and
make enough money to repay his loan.
“They (the government) have us over a barrel,” he
said. “Most of us left the practice of borrowing from the
banks several years ago to borrow from the govern
ment, but then they don’t allow us to earn anything be
cause of price controls. I’m going into debt to keep
them in business.”
Bidding for the property, which began at 2 p.m.
Tuesday, went relatively quickly.
The SBA’s Swanner, who left the proceeding imme
diately after it concluded and was not available for com
ment, opened the bidding at $300 an acre.
Swanner then purchased the property through the
SBA for $500 per acre.
By law, the government must hold an announced
public auction on all foreclosed land. If a bid is not
deemed high enough, the government may assume the
land and its assets, as it did Tuesday.
Means said he originally had borrowed $46,500 from
the federal government through a farm loan program
and that he had accumulated about $7,000 in interest
payments. But after paying for seed, equipment and
the needs of his family, he had little left to make pay
ments.
Matt Simmons.
The Senate also passed a bill
which recommends studies be done
to Find new'ways to generate reve
nue.
The bill calls for the study of an
establishment of a University tavern
and a travel agency both which will
be under the jurisdiction of the Me
morial Student Center director.
A&M
5
(continued from page 1)
don should be something that stays
with you a lifetime, not just a means
to get a job.”
Opinions about the required for
eign languages bill, and the core cur
riculum proposal, are mixed among
the University’s colleges.
Davis Fahlquist, associate dean in
the College of Geosciences, says a
foreign language requirement will
add hours to the college’s degree
plans.
“None of our departments at the
present time require a foreign lan
guage,” Fahlquist says. “That would
mean an additional eight hours (on
degree plans).”
President
Three of the college’s four de
partments — geophysics, meteorol
ogy and geology — feature profes
sional degree plans and require 131
to 134 credit hours. Fahlquist says
additional hours may hurt enroll
ment.
“If we superimpose an Additional
eight hours, it will have an impdet on
our professional curricula,” he says.
The provision in the Faculty Sen
ate’s proposal to exempt students
who had two years of foreign lan
guages in high school won’t help the
majority of students in the College
of Geosciences, Fahlquist says. An
impromptu survey showed that 20
of 50 students in the college did not
take two years of foreign languages
in high school, he says.
Colleges that have degree plans
requiring students to take a number
of hours of unspecified humanities
will hAve the least trouble adapting
to new requirements. Leroy
Fletcher, associate dean in the Col
lege of Engineering, says foreign
language requirements will not add
hours for students in that college.
“I don’t see any immediate im
pact,” Fletcher says. “Our students
nave choices in the humanities pro
gram. I think we can accomodate
that change if the bill passes the state
Legislature.”
(continued from page 1)
and the promise of a free and peace
ful world.
“We have begun well,” he said.
“But it’s only a beginning. We are
not here to congratulate ourselves
on what we have done but to chal
lenge ourselves to finish what has
not yet been done.”
Reagan said the revolution he en
visions “must carry the promise of
opportunity for all” and that blacks
and other minorities “will not have
full and equal power until they have
full economic power.”
Reagan also called for a constitu
tional amendment to permit orga
nized prayer in public schools and
legislation to outlaw abortion.
He said free-market principles
also must apply to American farm
ers, many of whom he acknowl
edged are “in great financial dis
tress.”
“We need an orderly transition to
a market-oriented farm economy,”
Reagan said. “We can help farmers
best, not by expanding federal pay
ments, but my making fundamental
reforms, keeping interest rates down
and knocking down foreign trade
barriers to American farm exports.”
He pledged that “the social safety
net For the elderly, needy, disabled
and unemployed will be left intact,”
but said Medicare and Medicaid
growth “will be slowed” while
“spending for defense is investing in
things that are priceless: peace and
freedom.”
As he set the agenda for his sec
ond term, Reagan said:
“The time has come to proceed to
ward a great new challenge — a Sec
ond American Revolution of hope
and opportunity; a revolution carry
ing us to new heights of progress by
pushing back frontiers of knowledge
and space; a revolution of spirit that
taps the soul of America, enabling us
to summon greater strength than we
have ever known; and a revolution
that carries beyond our shores the
gold promise of human freedom in a
world at peace.”
Reagan said he spoke for all
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Americans and those abroad who
yearn for freedom.
“We are here to speak for millions
in our inner cities who long for real
jobs, safe neighborhoods, and
schools that truly teach,” Reagan
said. “We are here to speak for the
American farmer, the entrepreneur
and every worker in industries fight
ing to modernize and compete.
“And yes, we are here to stand —
and proudly so — for all who strug
gle to break free from totalitaria
nism; for all who know in their
hearts that freedom is the one true
path to peace and human happi
ness.”
In an address aides had predicted
would speak hopefully of the pros
pects for nuclear arms control while
warning the United States remains
determined to defend its interests,
Reagan said, “We are poised as
never before to create a safer, freer,
more peaceful world.”
But he added, “We cannot play in
nocents abroad in a world that is not
innocent. Nor can we be passive
when freedom is under siege.”
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1600 Texas Ave. S.
College Station, Tx.
693-2627
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Bryan, Tx.
822-1042
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