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Originally Processed With FOIA(s): FOIA Number: S S FOIA MARKER This is not a textual record. This is used as an administrative marker by the George Bush Presidential Library Staff. Record Group/Collection: George H.W. Bush Presidential Records Collection/Office of Origin: Speechwriting, White House Office of Series: Speech File Backup Files Subseries: Chron File, 1989-1993 OA/ID Number: 13833 Folder ID Number: 13833-003 Folder Title: Georgia Homebuilders 9/17/92 [OA 7580] [1] Stack: Row: Section: Shelf: Position: G 26 23 1 2 September 17, 1992 MEMORANDUM FOR CHRISTINA MARTIN FROM: MICHELE NIX SUBJECT: FACT CHECK CHANGES Dan asks: Could you please let us know that you have received this memo as well as our earlier memos re this event. You can just page me or call -- whatever is easiest. 1. Change sentence re $30 billion figure: "Nationwide, over the last two years alone -- that's like a $26 billion tax cut for America's homeowners." The $30 billion figure was not adjusted -- and has been rounded up too far. Campaign gave us a June figure from The Mortgage Bankers Association, but the MBA's most recent data is: $26 billion figure for the last two years and $16 billion for the last year. 2. Flip flop paragraphs 2 and 3: "I'm pleased today to meet " graph should now go after "When you're done " graph. 3. Note the handwritten changes from page 4 of the draft. The language is now singular. ** Especially note that the line from Gene Schaerr that Dan asked you to add this morning -- IT IS NOW OUT. DELETE IT. ** September 17, 1992 MEMORANDUM FOR CHRISTINA MARTIN FROM: MICHELE NIX SUBJECT: ACKNOWLEDGEMENTS FOR GEORGIA HOMEBUILDERS On stage with the President will be: Paul Coverdell, U.S. Senatorial candidate Gerry Kopp, developer of Avery at Walnut Creek area Mac Collins, congressional candidate Newt Gingrich will be there -- but he won't make it at the very beginning. He's going to be right on your heels coming in, will come in late, but will only stand up front and to the side of the stage -- will not go on stage. I guess we can leave it up to POTUS to recognize him if and when he sees him? There will be many people there from the Atlanta Homebuilders Association -- including its CEO, Charles Bussey [BYEW-see]. Craig Ray says they're expecting a lot of people (couple hundred homeowners) from the Avery at Walnut Creek area. They will be walking to the site from their homes. POTUS should acknowledge them. SEP-17-92 THU 13:11 P.01 KOPPAR CORPORATION K C RESIDE NHAI COMMI ROTAL DI VELOPMENT. INVESTMENT P.O. Box 1116 9594 Tara Blvd. (404) 471-1533 Jonesboro, Georgia 30237 FAX TRANSMITTAL LETTER FAX NO. 473-9664 2 TOTAL COPIES: (includes cover sheet) DATE: 9/13/92 TO: Michelle N.x FROM: Review CHAMHAN RE: s/n Letter MESSAGE: If you do not receive the total transmittal, please contact us at 471-1533. SEP-17-92 THU 13:12 P.02 KOPPAR CORPORATION RESIDI N11AI COMMI RI IAI 11) VELOPMENT. INVESTMENT P.O. Box 1116 9594 Tara Blvd. (404) 471-1533 Joneshoro, Georgia 30237 September 16, 1992 TO: HOMEOWNERS, The Avery Subdivision FROM: KOPPAR CORPORATION SUBJECT: Presidential Visit It was announced on Monday through the White House that The Avery Subdivision was chosen as the site by the President of the United States for a major announcement on Housing on Thursday, September 17, 1992. This is indeed an honor and a testament to the homeowners of The Avery who along with Koppar Corporation have created a community worthy of a Presidential visit. The White House would like for us to express their sincere appreciation to the residents of the subdivision as well as their apologies for the obvious inconvenience that will occur with the President being on site. You are all invited to attend the announcement proceedings. The area will begin to be secured somewhere around 11:00 with admittance to the visit area beginning at 1:00. If any of you need to be out ot the area it is suggested that you be aware that mobility in the area will become more and more restrictive until after the President vacates the area. The estimated time will be 3:45. Koppar Corporation would like to add to the President's appreciation our own gratitude for your cooperation in this matter. I'm sure you are as proud as we are to have such a distinguished guest. Estelle Chatham 991 Tamarack Trail Forest Park GA 30050 ok 2pmq/17 September 17, 1992 MEMORANDUM FOR CHRISTINA MARTIN FROM: MICHELE NIX SUBJECT: FACT CHECK CHANGES Dan asks: Could you please let us know that you have received this memo as well as our earlier memos re this event. You can just page me or call -- whatever is easiest. 1. Change sentence re $30 billion figure: "Nationwide, over the last two years alone -- that's like a $26 billion tax cut for America's homeowners." The $30 billion figure was not adjusted -- and has been rounded up too far. Campaign gave us a June figure from The Mortgage Bankers Association, but the MBA's most recent data is: $26 billion figure for the last two years and $16 billion for the last year. 2. Flip flop paragraphs 2 and 3: "I'm pleased today to meet . . " graph should now go after "When you're done " graph. 3. Note the handwritten changes from page 4 of the draft. The language is now singular. ** Especially note that the line from Gene Schaerr that Dan asked you to add this morning -- IT IS NOW OUT. DELETE IT. ** ok 9/17 September 17, 1992 MEMORANDUM FOR CHRISTINA MARTIN FROM: MICHELE NIX SUBJECT: ACKNOWLEDGEMENTS FOR GEORGIA HOMEBUILDERS On stage with the President will be: Paul Coverdell, U.S. Senatorial candidate Gerry Kopp, developer of Avery at Walnut Creek area Mac Collins, congressional candidate Newt Gingrich will be there -- but he won't make it at the very beginning. He's going to be right on your heels coming in, will come in late, but will only stand up front and to the side of the stage -- will not go on stage. I guess we can leave it up to POTUS to recognize him if and when he sees him? There will be many people there from the Atlanta Homebuilders Association -- including its CEO, Charles Bussey [BYEW-see]. Craig Ray says they're expecting a lot of people (couple hundred homeowners) from the Avery at Walnut Creek area. They will be walking to the site from their homes. POTUS should acknowledge them. TEL: Aug 27'92 17:14 No. 018 P.01 BUSH 92 AUG 27 P5: 21 QUAYLE 92 ISSUES FAX TRANSMITTAL DATE TIME NO PAGES FROM: J.Shane FAX NO:202-336-7943 PHONE NO:202-336-7232 TO: PAN Mc GROARTY ORGANIZATION: FAX NO: PHONE NO: INFORMATION: You might want do dowlde-chech These w/ HUP Bauhers Association our souse was The Mortgage CONFIDENTIALITY NOTICE The document accompanying this telecopy contains information belongs to the sender which is confidential and may be legally privileged. The information is intended for the use of the individual or entity named above. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this telecopied information is strictly prohibited. If you have received this telecopy in error, please immediately notify us by telephone to arrange for return of the original document to us. 1030 15th St. NW, Washington, DC 20005 Paid for by Bush-Quayle '92 Printed on Recycled Paper TEL: Aug 27'92 17:14 No. 018 P.02 X 1651 June 24, 1992 MEMORANDUM RE: Reduction in Home Mortgages The President's commitment to reducing interest rates is saving American families thousands of dollars each year in reduced mortgage costs. For those trying to achieve the dream of home ownership, lower rates are cutting the cost of buying a new home. Implications in the Aggregate Under the Bush Administration, interest rates on fixed rate mortgages have declined by 15%, while those for adjustable rate mortgages have dropped by almost one-third (31%). with a drop in rates on new mortgages annual mortgage interest payments will decline by $28 billion this year to $43 billion. This drop reflects the fall in adjustable rate mortgages and increased refinancings by families taking advantage of lower rates. In 1991, 1.4 million loans were refinanced at lower rates. The Mortgage Bankers Association projects more than twice as many loans will be refinanced in 1992, for a two-year total approaching 4.5 million refinanced loans. Total annual payments on fixed rates will go from $210 billion to $181 billion; a reduction of $29 billion or 14%. Adjustables will go from $67 billion to $53 billion; a fall of $14 billion, or more than one-fifth. All told, savings on mortgage payments total $43 billion. Implications for American Families Because of lower interest rates refinancing the typical fixed rate loan saves families $173 per month, or more than $2,000 per year. For adjustable rate mortgages, lower rates are saving families $193 per month, or almost $2,500 per year. Since home mortgages account for more than two-thirds of total household indebtedness, these savings will help millions of American families, both those who have and will refinance their loans, as well as first-time homebuyers who will benefit from lower rates. o Lower interest rates are a major factor in the increasing affordability of homes. In February the National Association of Realtor's (NAR) Housing Affordability Index climbed to its highest level since March 1977. The NAR calculates that lower interest rates mean that monthly mortgage payments consume 10% less of family incomes than they did at the start of the Bush Administration. # # # FACT CHECK COPY Acknowledgements McGroarty/Nix 1270 September 15, 1992 2:30 p.m. [ga] PRESIDENTIAL REMARKS: GEORGIA HOMEBUILDERS SITE JONESBORO, GEORGIA Advance SEPTEMBER 17, 1992 XX:00 A.M.?? 3:10 P.M. Thank you ------- for those kind words -- and thanks, all of you, for this warm welcome. [Acknowledgements.] I'm pleased today to meet with you, because what you're Advance building here at 1270 Larkwood X Drive isn't just a house -- it's a little piece of the American Dream for the family who will call it home. // When you're done here, I'd like to pack you up and take you back to Washington. There's a certain House on the Hill back there that's in need of a little renovation. // You know Bob Vila's show: This Old House? Well, there's an old House back in Washington that hasn't been cleaned out for 38 years // Let me tell you why I'm here today. Now that the Cold War is over, the defining challenge of the 90's is to win the peace - - to win the competition of the new global economy. // I'll give it to you straight: In the 21st Century, America must be not only a military superpower, but an economic superpower -- an export superpower. In this election, you'll hear two versions of how to do this: My opponent's answer is to look inward -- to pretend we can protect what we already have. Ours is to look forward -- open new markets, prepare our people to compete, restore the 2 social fabric, to save and invest -- so that, when it comes to the global competition -- America will win. // We need what I offer: An Agenda for American Renewal -- a strategy that reaches out to the world in a way that makes a difference right here in Clayton County -- in your neighborhoods, in your lives. We must build on the fundamentals of lower tax rates, limits on government spending, less red tape and regulation -- and more trade, more competition, to generate the growth that means more opportunity ... more jobs. And I think that in the 90's, government can add to this growth program by building opportunity and hope for individuals, empowering families and communities. My agenda for renewal is the blueprint for long-term growth. But near-term -- right now -- we all know we've got to do what we can to jumpstart our economy ... to put America back to work. // about Back in January, more than 8 months ago, I challenged Congress to pass a new incentive: a $5000 dollar tax credit for all first-time homebuyers. X I proposed that "home credit" for two reasons: First, because I knew that coming out of troubled times, housing is traditionally the sector that pulls this economy forward. I also wanted to help young families, the ones struggling to save for that first home. Because the American Dream, after all, really starts right here (gesture to homesite) -- with a home of your own. // DLYON CEA X5147 3 120,000 This year alone, my X plan would have meant more than 270,000 X 220,000 in the economy, cluding jobs new housing starts -- and 120,000 new jobs for carpenters and X plumbers and plasterers. And for the average first-time X homebuyer in Clayton County, that tax credit would have been the X equiválent of eight month worth of mortgage payments. Right X here at 1270 Larkwood, it's like getting your down payment back - - and more. // My plan's still sitting / stalled by a liberal leadership that puts politics ahead of helping people. Why worry about helping put people into new homes -- and put you back to work? I guess they figure they've already got their own House -- and their own Senate, too. // Rule #1 in this business is: build from the ground up. Well, given what you've seen in Congress this year -- I think this is one time you ought to raise the roof. // The housing business is no different from a hundred other small businesses in America. I see small business as the engine of the American economy -- generating jobs and opportunity. My Lincoln opponent sees small business as the goose that laid the golden Tech egg. From $150 billion in new taxes / to a payroll tax for Aug 24 health care / to a training tax -- Bill Clinton wants to squeeze small business to X bankroll big government. // Well I say: keep your hands off the housing industry. America's small businesses need relief -- relief from taxation / litigation / and over-regulation. // and Manh arm was chasing Babe Ruth's shill record. constitute formidable barriers to affordable housing, raising costs 4 by 20- 35 percent communities. in many You know, last month I was in Western Michigan, talking to a group of small business leaders. I talked to a guy who runs an asphalt paving company. He said, "Mr. President, government regulations are killing us. He made the point that when a regulation doesn't make sense, it's the worker who pays -- with Bill Cook his job. // 606 Excessive regulation is a huge hidden cost in housing. G The single most expensive item in a home these days isn't the X269 sheetrock / or the drywall / it isn't all the lumber or even the land underneath. The single most expensive item in a new home these days is that piece of paper you stick Unnecessary inside the front Thathier window the Building Permit. // All the regulations it NIMBY 25435 represents add up on average to as much as 25 percent of the 108 3896 Drew cost of every house. Lyon A 20-35 Dereat x5147 many That's why I've put a freeze on all new federal regulation - to give businesses like yours a chance to breathe. // Dave Barry wou butt 44 There are some good signs for the housing industry. 65.4x 65. NAR Interest rates today are lower now than any time since 1973. LOC gallon News 121.2 {Add housing affordability index stat.} The last time a family Travis Rel2.92 Kellner could get a mortgage this low milk was 98 cents a gallon, or Conners nor- 5691 for you younger folks: Nolan Ryan was a rookie. // Rob HUD Ad From Constitution Atlanta 708-0120 Let me tell you what lower interest rates mean to the American worker, the American family: Lower interest rates mean July 5, own 1973 real money real savings for every American who buys a- home or 19921-c Mortgage want to Bankers for every family that refinances a mortgage. It means money in OR your pocket on average as much as $2000 dollars a year more Assoc Drew Luon Hank Aaron X5147 CEA & Billie gear beat Bobby Riggs was still playingtor the Braves. April 21 Federal News Info Service Marlin Fitzwater briefing " Cater misay index was at 21% October, 1980 21.3 Carter's own misory index shot up to 21.3. 20.8 Final months H 16 billion Mortgage-Day 861- Lyle Bankers Assoc. 5 now 6576 that instead of paying to the bank, you can put in the bank. Nationwide, that's like a $30 billion dollar tax cut for over thepast 26 lower int rates over the ast last America's homeowners. He years as isth have Now that's good news, but I'm not satisfied good news haversaved with 126Am NAR when we could have even better. / Some studies show that three- Home quarters of all renters are ready to become buyers -- if they Homership Survey could muster up that downpayment. // If Congress had passed my plan when I asked them to -- if Congress had acted to help first- from News John thier nearly 400,000 time homebuyers -- you'd see [half a million] more "Sold" signs 8.12.92 HUD on front lawns all across America. // Policy And workers in the home-building area wouldn't be worried about pink slips -- they'd be too busy working overtime. // So today, let me make a suggestion: Come November 3rd, you can send me a Congress I can work with. // And if you say: Give me one good reason you'll get Congress to act -- I'll give you 150. That the number of new faces we'll see next year in the Congress. Now -- I'll be candid. I want every last one of them to be Republican. / But whatever party they come from -- even if they were first elected before some of you were born -- they'll come back with a new appreciation for what you want: a complete set of instructions from the American people that it's time for Congress to change. And don't forget what happened the last time the Democrats controlled both ends of Pennsylvania Avenue: The days of malaise of -- a Misery Index over 20 percent -- and mortgage rates SO high it was a lock-out for millions of Americans who wanted to buy XXX 6 their own home. We've seen what happens when the party of tax and spend operates without any checks and balances. // There's a better way a way we can do what's right for Detroit America. I've set out 13 specific initiatives -- 13 actions I'll challenge the new Congress to take in the first year of my second Eclub term. / November 3rd I'm looking for a mandate to move forward: To move forward on my Agenda for American Renewal -- an agenda that builds the stronger, more secure America we want for ourselves -- for our kids. // We've got to remember this fundamental fact: America is the envy of the world, not because its government is great -- but because its people are great. Because the American people are builders who dream, and dreamers who build. Thank you once again for this warm welcome -- and may God bless the United States of America. # # # John Bancroff 861-6568 Martgage Baokers Assoc September 17, 1992 MEMORANDUM FOR CHRISTINA MARTIN FROM: MICHELE NIX MN SUBJECT: FACT CHECK CHANGE Change sentence re $30 billion figure: Nationwide, lower interest rates over the last 2 years have saved America S homeowners $26 billion. OR our The past2 yrsalore -- Nationwide, that's like a $26 billion tax cut over the last two years for America's homeowners. The $30 billion figure was not adjusted -- and has been rounded up too far. Campaign gave us a June figure from The Mortgage Bankers Association, but the MBA's most recent data is: $26 billion figure for the last two years and $16 billion for the last year. P call t Dan's Memo of THE WHITE HOUSE WASHINGTON September 16, 1992 MEMORANDUM FOR THE PRESIDENT THROUGH: STEVE PROVOST sp FROM: DAN MC GROARTY DMr SUBJECT: GEORGIA HOMEBUILDERS I. Summary On Thursday, September 17, at 3:10 p.m., you will address approximately 1500 people gathered in front of a house under construction at The Avery of Walnut Creek, a development located in Jonesboro, Georgia. The audience will consist primarily of Atlanta Republicans, neighborhood homeowners, and local homebuilders. II. Discussion Your remarks (12 minutes, on prompter) highlight your Agenda -- specifically, focusing on your proposed $5000 tax credit for first-time homebuyers. 2 open new markets, prepare our people to compete, restore the social fabric, to save and invest -- so that, when it comes to the global competition -- America will win. // We need what I offer: An Agenda for American Renewal -- a strategy that reaches out to the world in a way that makes a difference right here in Clayton County -- in your neighborhoods, in your lives. We must build on the fundamentals of lower tax rates, limits on government spending, less red tape and regulation -- and more trade, more competition, to generate the growth that means more opportunity ... more jobs. And I think that in the 90's, government can add to this growth program by building opportunity and hope for individuals, empowering families and communities. My agenda for renewal is a blueprint for long-term growth. But near-term -- right now -- we all know what we've got to do to jumpstart our economy ... to put America back to work. // Back in January, 8 months ago, I challenged Congress to pass a new incentive: a $5000 dollar tax credit for all first-time homebuyers. I proposed that "home credit" for two reasons: First, because I knew that coming out of troubled times, housing is traditionally the sector that pulls this economy forward. I also wanted to help young families, the ones struggling to save for that first home. Because the American Dream, after all, really starts right here (gesture to homesite) -- with a home of your own. // 3 This year alone, my plan would have meant more than 120,000 new housing starts -- and 220,000 new jobs in the economy, including jobs for carpenters and plumbers and plasterers. And for the average first-time homebuyer in Clayton County, that tax credit would have been the equivalent of eight month's worth of mortgage payments. Right here at 1270 Larkwood, it's like getting your down payment back -- and more. // My plan's still sitting / stalled by a do-nothing liberal leadership that puts politics ahead of helping people. Why worry about helping put people into new homes -- and put you back to work? I guess they figure they've already got their own House - - and their own Senate, too. // Rule #1 in this business is: build from the ground up. Well, given what you've seen in Congress this year -- I think this is one time you ought to raise the roof. // The housing business is no different from a hundred other small businesses in America. I see small business as the engine of the American economy -- generating jobs and opportunity. My opponent sees small business as the goose that laid the golden egg. From $150 billion in new taxes / to a payroll tax for health care / to a training tax -- Bill Clinton wants to squeeze small business to bankroll big government. // Well I say: keep your hands off the housing industry. America's small businesses need relief -- relief from taxation / litigation / and over-regulation. // 4 You know, last month I was in Western Michigan, talking to a group of small business leaders. I talked to a guy who runs an asphalt paving company. He said, "Mr. President, when regulation doesn't make sense, it's the worker who pays -- with his job. // Excessive regulation is a huge hidden cost in housing. The single most expensive item in a home these days isn't the sheetrock / or the drywall / it isn't all the lumber or even the land underneath. The single most expensive item in a new home these days is that piece of paper you stick inside the front window -- the Building Permit. // All the regulations it represents add up to 20 to 35 percent of the cost of every house. That's why I've put a freeze on new federal regulations -- to give businesses like yours a chance to breathe. // There are some good signs for the housing industry. The housing affordability index is almost double what it was 10 years ago. Interest rates today are lower now than any time since 1973. The last time a family could get a mortgage this low -- milk was 98 cents a gallon, or for you younger folks: Nolan Ryan was a rookie. // Let me tell you what lower interest rates mean to the American worker, the American family: Lower interest rates mean real money -- real savings for every American who buys a home ... for every family that refinances a mortgage. It means money in your pocket -- as much as $2000 dollars a year or more -- that instead of paying to the bank, you can put in the bank. 5 Nationwide, that's like an almost $30 billion dollar tax cut for America's homeowners. // Now that's good news, but I'm not satisfied with good news when we could do even better. / Some studies show that three- quarters of all renters are ready to become buyers -- if they could muster up that downpayment. // If Congress had passed my plan when I asked them to -- if Congress had acted to help first- time homebuyers -- you'd see almost 400,000 more "Sold" signs on front lawns all across America. // And workers in the home-building area wouldn't be worried about pink slips -- they'd be too busy working overtime. / / So today, let me make a suggestion: Come November 3rd, you can send me a Congress I can work with. // And if you say: Give me one good reason you'll get Congress to act -- I'll give you 150. That's the number of new faces we'll see next year in the Congress. Now -- I'll be candid. I want every last one of them to be Republican. / But whatever party they come from -- even if they were first elected before some of you were born -- they'll come back with a new appreciation for what you want: a complete set of instructions from the American people that it's time for Congress to change. And don't forget what happened the last time the Democrats controlled both ends of Pennsylvania Avenue: The days of malaise -- a Misery Index over 20 percent -- and mortgage rates so high it was a lock-out for millions of Americans who wanted to buy 6 their own home. We've seen what happens when the party of tax and spend operates without any checks and balances. // There's a better way -- a way we can do what's right for America. I've set out 13 specific initiatives -- 13 actions I'll challenge the new Congress to take in the first year of my second term. / November 3rd I'm looking for a mandate to move forward: To move forward on my Agenda for American Renewal -- an agenda that builds the stronger, more secure America we want for ourselves -- for our kids. // We've got to remember this fundamental fact: America is the envy of the world, not because its government is great -- but because its people are great. Because the American people are builders who dream, and dreamers who build. Thank you once again for this warm welcome -- and may God bless the United States of America. # # # SEP 17 '92 9:59 FROM MORTGAGE BANKERS AMER PAGE # 001 REMARKS: PER YOUR REQUEST PAGES (including cover shoet): 2 VISA osbl 1 Mortgage Bankers Association of America Public Affairs 1125 Fifteenth Street, NW Washington, DC 20005 John Bancroft Associate Director PHONE: 202/861-6568 FAX: 202/861-0736 FAX TRANSMITTAL DATE: September 17, 1992 TO: Michelle Nix COMPANY: White House Research FAX NUMBER: 456 6218 456-1651 456- PHONE NUMBER: 456-7750 PAGES (Including cover sheet): 2 REMARKS: PER YOUR REQUEST 100:30HJ NEWH BHENKS HORT To MICHELE Date Time 4:11 WHILE YOU WERE OUT M John Bancroft of Mary Banking Assoc Phone 861 6968 Area Code Number Extension TELEPHONED PLEASE CALL CALLED TO SEE YOU WILL CALL AGAIN WANTS TO SEE YOU URGENT RETURNED YOUR CALL Message Dr Operator AMPAD 23-021 - 200 SETS EFFICIENCY® 23-421 - 400 SETS CARBONLESS SEP-14-92 MON 16:18 P.01 KOPPAR CORPORATION (xol C RESIDE NTIAL COMMI He IAL.. DI VELOPMENT. INVESTMENT P.O. Box 1116 9594 Tara Blvd. (404) 471-1533 Jonesboro. Georgia 30237 FAX TRANSMITTAL LETTER FAX NO. 473-9664 4 TOTAL COPIES: (includes cover sheet) DATE: 9/14/92 TO: Michelle Nix FROM: RICHARD CHATTIAN RE: INFO Requested MESSAGE: If you do not receive the total transmittal, please contact us at 471-1533. SEP-14-92 MON 16:19 P.02 FACT SHEET CLAYTON COUNTY MEDIAN PRICE $77,000.00 MEDIAN MORTGAGE PAYMENT $ 634.39 SEP-14-92 MON 16:19 P.03 FACT SHEET KOPPAR CORPORATION CLAYTON COUNTY BUILDER/DEVELOPER SINCE 1973 SPECIALIZING IN AFFORDABLE HOUSING AVERY SUBDIVISION Price Range: $65,250 - $80,750 HOUSE USED FOR PRESS CONFERENCE LOT 39 BLOCK B THE NEWBERRY 2 Bedroom 2 Bath Double Garage Range, Dishwasher, Garbage Disposal Good Cents Energy Efficient Program Professionally Landscaped $66,750 Mortgage Payment = $560.37 per month Includes Taxes, Insurance and MIP SEP-14-92 MON 16:20 P.04 NEWBERRY BAY OPTIONAL 00 PATIO DINING 00 KITCH. SCREEN do OPTIONAL LIVING ROOM GARAGE FOYER WALK IN HALL MASTER BEDROOM BEDROOM 2 WALK IN K GoodCents Ask For Good Cents To Save KOPPAR CORPORATION Energy And Monay. Georgia Power ** 200 PAGE 76101 ** FACT SHEET Impact of Lower Interest Rates on Mortgagors' Debt Service Amount of Debt Lower Debt Service 1/ 1991 Refinancings $165 billion $3 billion (1.4 million loans) ARM Adjustments $700 billion $12 billion Total $15 billion Overstatement* $5 billion Adjusted Total $10 billion 1992 Refinancings $410 billion $8 billion (3.5 million loans) ARM Adjustments $700 billion $14 billion Total $22 billion Overstatement* $6 billion Adjusted Total $16 billion Two Year Total $37 billion Overstatement* $11 billion Adjusted Total $26 billion Monthly Annual Savings Savings Typical REFI $120,000 loan $173/mo. $2,071/year Typical ARM $140,000 loan $193/mo. $2,320/year 17 *30 year to 15 year loans; ARMs to FRMs. Assumes an average decline in contract interest rate of two percentage points. Source: Mortgage Bankers Association of America. MORTGHGE BANKERS AMER PAGE 1 LEVEL 1 - 6 OF 11 STORIES Copyright 1992 Gannett Company, Inc. USA TODAY August 14, 1992, Friday, FINAL EDITION SECTION: MONEY; Pg. 4B LENGTH: 750 words HEADLINE: VA loans attractive as rates fall again BYLINE: Desiree French; Bill Montague KEYWORD: VA LOAN:HOUSING MARKET: MORTGAGE RATE: MORTGAGE REF INANCING: COMMERCIAL REAL ESTATE:HOME EQUITY LOAN: time home buyers: They can't raise the down payments they need to buy, the National Association of Realtors says. The NAR says its Housing Affordability Index rose to 121.2 in the three months that ended in June. That's up from 111.4 a year earlier. That means the income of the LEVEL 1 - 7 OF 11 STORIES Copyright 1992 Chicago Tribune Company Chicago Tribune August 13, 1992, Thursday, NORTH SPORTS FINAL EDITION SECTION: BUSINESS; Pg. 1; ZONE: C; Thursday Ticker LENGTH: 134 words Affordability dips: The National Association of Realtors said its housing affordability index fell 1.2 points in the second quarter, to 121.2 from 122.4 in the first quarter. The index measures the ability of a TERMS: HOUSING; REPORT; STATISTIC LEXIS:NEXIS® LEXIS·NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 2 LEVEL 1 - 8 OF 11 STORIES Copyright 1992 The Times Mirror Company Los Angeles Times August 13, 1992, Thursday, Home Edition SECTION: Business; Part D; Page 3; Column 4; Financial Desk LENGTH: 278 words HEADLINE: IT'S GETTING HARDER TO BUY FIRST HOME, SURVEY FINDS BYLINE: From Associated Press DATELINE: WASHINGTON The association's overall housing affordability index for the second quarter was 121.2, down from 122.4 between January and March and 122.7 during the final quarter of 1991. The index USA TODAY, August 14, 1992 account for 25% of all consumer debt, he notes. Consumer Loan Advocates has a track record of ferreting out bank errors. In 1990, the group found widespread errors in the interest charges on adjustable-rate mortgages. The study sparked a congressional investigation. No money down Low interest rates continue to make homes more affordable, but that's not doing much good for many first-time home buyers: They can't raise the down payments they need to buy, the National Association of Realtors says. The NAR says its Housing Affordability Index rose to 121.2 in the three months that ended in June. That's up from 111.4 a year earlier. That means the income of the typical U.S. family was 121.2% of that needed to qualify for an average-price home. Pushing up the index: mortgage rates, now at their lowest level since 1973. But homes are getting farther out of reach for first-time buyers, the NAR says. The culprit: rising prices for affordable homes and sluggish income growth. NAR President Dorcas Helfant says a recent survey found that nearly half of all renters can't afford the down payment on a home. LEXIS:NEXIS® LEXIS·NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 1 LEVEL 1 - 1 OF 3 DOCUMENTS Public Papers of the Presidents Ohio Whistlestop Tour Remarks at a Reagan-Bush '84 Rally in Sidney. 20 Weekly Comp. Pres. Doc. 1509 October 12, 1984 LENGTH: 2427 words ... index, 12.6. But now came the 1980 campaign, and they never mentioned the misery index. And I don't think my opponent will mention it in this campaign, possibly because when he left the Vice Presidency the misery index was more than 20 percent, and now it's only 11.6. He's done a little slipping and sliding and ducking away from this record, but here in Ohio during the primaries, Senator Gary Hart got his message through by reminding the ... LEVEL 1 - - 2 OF 43 DOCUMENTS Public Papers of the Presidents Remarks at a Fundraising Luncheon for Senator Alfonse M. D'Amato in New York City 28 Weekly Comp. Pres. Doc. 1158 June 29, 1992 LENGTH: 2322 words ... House of Representatives. For 29 of the last 35, one party has controlled the United States Senate. We tried it with a Democratic President and a Democratic Congress, and we got the worst interest rates, the worst misery index in the history of this country. What hasn't been tried and what we're going to take to the people in the fall is this: Give us a Republican President, a Republican Senate, and a Republican House, and we can give you the values that you ... TM TM TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 2 LEVEL 1 - 6 OF 43 DOCUMENTS Public Papers of the Presidents Radio Address to the Nation on the Economic Expansion 24 Weekly Comp. Pres. Doc. 1361 October 22, 1988 LENGTH: 826 words your taxes, ending runaway inflation, and igniting the longest peacetime economic expansion ever has been bad for middle class, working Americans. Well, it's time to remind them of a few facts. For example, the If misery index." The "misery index" was an election year gimmick they cooked up for the 1976 campaign by adding the unemployment and inflation rates. It came to 13.4 percent in 1976, and the declared that no one had a right to seek reelection with a II misery index" that high. Well, 4 years later, in the 1980 campaign, they didn't mention the = misery index, = perhaps because it had grown to almost 21 percent. And this year they still aren't mentioning it. Under us, it's dropped to under 10 percent. TM TM TM LEXIS·NEXIS® LEXIS-NEXIS® LEXIS®NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 3 LEVEL 1 - - 1 OF 1 STORY Copyright 1992 Star Tribune Star Tribune September 11, 1992, Metro Edition SECTION: News; Pg. 1A LENGTH: 1153 words HEADLINE: Bush offers economic package; 'Unified strategy' holds familiar proposals from first term DATELINE: Detroit, Mich. KEYWORD: 1992 presidential campaign george bush years. Now, just two months before the election, the president repackages it." In Detroit, Bush promised to submit 13 of his initiatives to Congress in the first year of a second term and to work around Congress, through the states and foreign governments, should legislators balk at enacting them. TM TM TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. 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EST TM TM TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 1 LEVEL 1 - 3 OF 178 STORIES Copyright 1992 The Atlanta Constitution The Atlanta Journal and Constitution August 28, 1992 SECTION: SPORTS; Section E; Page 4 LENGTH: 577 words HEADLINE: ROTISSERIE CORNER BYLINE: Compiled by Matt Winkeljohn KEYWORD: sports; personalities; results ... Sam Crawford for 19th on the all-time hit ledger ... Kevin Koslofski was born on Sept. 24, 1966, 13 days after Nolan Ryan made his major- league debut as a 20-year-old New York Met reliever. Koslofski hit his first ... TM TM TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable * 1 PAGE 12 LINES JOB 42253 10067P * * 11:19 A.M. STARTED 11:19 A.M. 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EST TM TM TM LEXIS:NEXIS® LEXIS®NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 1 LEVEL 1 - - 1 OF 13 STORIES Copyright 1992 Federal Information Sytems Corporation Federal News Service APRIL 21, 1992, TUESDAY SECTION: WHITE HOUSE BRIEFING LENGTH: 6283 words HEADLINE: THE WHITE HOUSE WASHINGTON, DC REGULAR BRIEFING BRIEFER: MARLIN FITZWATER ... percent interest rates and 20 percent - or 11 percent inflation and 20 percent interest rates was a good deal. The Carter misery index was at 21 percent. They seemed to think that was pretty wonderful. That's the last time the Democrats had control of the economy in that sense. So, their comparisons are pretty TM TM TM LEXIS·NEXIS® LEXIS·NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable **** **** * 1 PAGE 15 LINES JOB 47426 100G7P * * 11:20 A.M. STARTED 11:20 A.M. 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Recyclable PRINT CASE REQUESTED: SEPTEMBER 15, 1992 100G7P 2 DOCUMENTS PRINTED 6 PRINTED PAGES SEND TO: NIX, SUSAN MICHELE WHITE HOUSE COMMUNICATIONS OFFICE OLD EXECUTIVE OFFICE BUILDING ROOM 111 1/2 WASHINGTON DISTRICT OF COLUMBIA 20500 03779 TM LEXIS·NEXIS® LEXIS-NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 1 DATE: SEPTEMBER 15, 1992 CLIENT: LIBRARY: NEXIS FILE: CURRNT YOUR SEARCH REQUEST IS: HOUSING AFFORDABILITY INDEX AND NATIONAL ASSOCIATION OF REALTORS NUMBER OF STORIES FOUND WITH YOUR REQUEST THROUGH: LEVEL 1 367 TM TM TM LEXIS:NEXIS® LEXIS·NEXIS® LEXIS-NEXIS Services of Mead Data Central, Inc. Recyclable PAGE 2 2ND STORY of Level 1 printed in FULL format. Copyright 1992 Chicago Tribune Company Chicago Tribune August 13, 1992, Thursday, NORTH SPORTS FINAL EDITION SECTION: BUSINESS; Pg. 1; ZONE: C; Thursday Ticker LENGTH: 134 words BODY: Affordability dips: The National Association of Realtors said its housing affordability index fell 1.2 points in the second quarter, to 121.2 from 122.4 in the first quarter. The index measures the ability of a typical family to buy a home. It means that a family earning $37,000 a year has about 121 percent of the income needed to qualify for a conventional mortgage on a typical home costing $104,000. The index remains about 10 points above its level of a year ago Privately owned housing units were completed at a seasonally adjusted annual rate of 1.165 million in June, down 3.2 percent from May, the Commerce Department said. Completions had risen an unrevised 12.8 percent in May, to an adjusted 1.204 million rate. June completions were up 5.5 percent from a year before. TERMS: HOUSING; REPORT; STATISTIC TM LEXIS:NEXIS® LEXIS·NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 3 DATE: SEPTEMBER 15, 1992 CLIENT: LIBRARY: NEXIS FILE: CURRNT YOUR SEARCH REQUEST IS: HOUSING AFFORDABILITY INDEX AND DATE IS AUGUST 1992 NUMBER OF STORIES FOUND WITH YOUR REQUEST THROUGH: LEVEL 1 11 TM TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 4 6TH STORY of Level 1 printed in FULL format. Copyright 1992 Gannett Company, Inc. USA TODAY August 14, 1992, Friday, FINAL EDITION SECTION: MONEY; Pg. 4B LENGTH: 750 words HEADLINE: VA loans attractive as rates fall again BYLINE: Desiree French; Bill Montague KEYWORD: VA LOAN:HOUSING MARKET: MORTGAGE RATE: MORTGAGE REFINANCING: COMMERCIAL REAL ESTATE:HOME EQUITY LOAN: BODY: Consider yourself lucky if you're in the market for a house and can get a VA loan. The maximum mortgage rate fell to 7 1/2% from 8% Wednesday, the Department of Veterans Affairs says. That's the second decline since June. Low rates haven't set off a refinancing boom. Only 33,000 vets have traded in their high-rate loans. Another 1.5 million still hold loans with rates of 9 1/2% or more. By refinancing to 7 1/2% from 9 1/2%, the monthly payment on an average VA- guaranteed loan of $ 86,000 could be reduced to $ 602 from $ 723. That's a savings of $ 1,452 a year. Refinancings might also stem delinquencies. Historically, the delinquency rate on VA loans is typically twice as high as the rate on conventional mortgages. For the three months ended March 31, 6.2% of payments on VA loans were late by 30 days or more, VS. 3% for conventional loans, according to the the Mortgage Bankers Association. More about VA loans: - The DVA doesn't make the loans. It only guarantees a portion of their repayment. - You can get 100% financing. There's no money down. - The DVA offers a streamlined refinancing package. Under it, homeowners avoid paying for credit reports and appraisals. Also, unlike conventional loans, you can refinance whether you have 20% equity built up in your home or not. Plenty of room to spare New statistics from a top accounting firm drove home a painful point: The USA is awash in a sea of empty buildings. A study from Coopers & Lybrand looks at the results of the 1980s building craze. Some ugly numbers: -- There's enough empty office space to give every U.S. office worker another 62 square feet of space - almost the equivalent of an 8-foot-by-8- foot room. LEXIS:NEXIS® LEXIS·NEXIS® LEXIS®NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 5 USA TODAY, August 14, 1992 For every industrial worker, there's another 52 square feet of empty factory space. - Every night, a million hotel rooms - more than one in three - are vacant. - There are enough empty retail stores in the USA to fill 3,800 average- size shopping malls. The outlook: more of the same. Bjorn Hanson, Coopers & Lybrand's national real-estate chairman, says the glut could take the rest of the decade to absorb. 'These numbers indicate just how pervasive and enduring a problem was caused by the massive overbuilding of the last decade,' he says. Loan errors widespread Nearly three-quarters of all borrowers are being charged the wrong amount of interest on their home-equity loans, a consumer group says. Consumer Loan Advocates, a Lake Bluff, Ill.-based non-profit group, says it found interest- rate errors in 74.5% of the loans it examined. Of those mistakes, 67% were in the banks' favor. In 33% of the cases, the borrowers were undercharged. Most common mistake: banks charging interest for too many days in a month - for 30 instead of 28 days in February, for example. Others: - Using the wrong adjustment date to apply the interest-rate index for loans that are pegged to that index. - Overestimating the outstanding balance on a loan and then charging interest on that amount. - Using the wrong date for changing the rate on a loan. Such mistakes may be costing consumers millions. The average error amounts to $ 257 a year in added interest, says Larry Powers, Consumer Loan Advocates vice president. Outstanding home-equity loans currently total $ 350 billion, and account for 25% of all consumer debt, he notes. Consumer Loan Advocates has a track record of ferreting out bank errors. In 1990, the group found widespread errors in the interest charges on adjustable-rate mortgages. The study sparked a congressional investigation. No money down Low interest rates continue to make homes more affordable, but that's not doing much good for many first-time home buyers: They can't raise the down payments they need to buy, the National Association of Realtors says. The NAR says its Housing Affordability Index rose to 121.2 in the three months that ended in June. That's up from 111.4 a year earlier. That means the income of the typical U.S. family was 121.2% of that needed to qualify for an average-price home. Pushing up the index: mortgage rates, now at their lowest level since 1973. But homes are getting farther out of reach for first-time buyers, the NAR says. The culprit: rising prices for affordable homes and sluggish income TM TM TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 6 USA TODAY, August 14, 1992 growth. NAR President Dorcas Helfant says a recent survey found that nearly half of all renters can't afford the down payment on a home. - Big commercial real-estate auction, 2B TYPE: Real Estate SUBJECT: REAL ESTATE; VETERAN; INTEREST RATE TM TM TM LEXIS:NEXIS® LEXIS·NEXIS® LEXIS:NEXIS® Services of Mead Data Central, Inc. Recyclable **** * 6 PAGES 123 LINES JOB 28087 100G7P * * 11:20 A.M. 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Recyclable PRINT CASE REQUESTED: SEPTEMBER 16, 1992 100G7P 1 DOCUMENT PRINTED 5 PRINTED PAGES SEND TO: NIX, SUSAN MICHELE WHITE HOUSE COMMUNICATIONS OFFICE OLD EXECUTIVE OFFICE BUILDING ROOM 111 1/2 WASHINGTON DISTRICT OF COLUMBIA 20500 0787 TM LEXIS:NEXIS® LEXIS·NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 1 DATE: SEPTEMBER 16, 1992 CLIENT: LIBRARY: NEXIS FILE: CURRNT YOUR SEARCH REQUEST IS: 1973 W/4 ROOKIE NUMBER OF STORIES FOUND WITH YOUR REQUEST THROUGH: LEVEL 1... 46 LEXIS:NEXIS LEXIS·NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 2 18TH STORY of Level 1 printed in FULL format. Copyright 1991 The Hartford Courant Company The Hartford Courant August 14, 1991, A Edition SECTION: SPORTS; Pg. F1 LENGTH: 1756 words HEADLINE: Connors lasts through will, not goodwill BYLINE: ALAN GREENBERG; Courant Sports Columnist DATELINE: NEW HAVEN BODY: The headliner at Tuesday's Volvo International may be ranked 200th in the world on the ATP computer, but he's still No. 1 or 2 wherever American tennis fans gather. Sidelined for most of last year after wrist surgery, Jimmy Connors was ranked tied for 936th in the world, lower than Albania, but how many of the tour's young lions chugged Pepto-Bismol before going out to play him? They'd pay to put him on the Legends tour, if only he'd go. Wasn't it just two months ago at the French Open that old Jimbo -- he turns 39 Sept. 2 - forced ex-French Open champion Michael Chang to the decisive fifth set, before defaulting because of a sore back? Like Nolan Ryan, Jimmy Connors at any age can still be a clear and present danger. "I think Connors hits the ball better than Chang does right now, but he [Connors] is not the same player he was," John McEnroe said in June at the Davis Cup. "I wish he'd finished the match." Connors, who lost to MaliVai Washington 6-4, 6-2 Tuesday night, has successfully finished more matches than anyone. His 109 career singles titles is a record. He hasn't won a tournament in three years, but he plays on because he loves the game, the adulation of the fans, and the chance to terrorize the tour's top newcomers now and again. Unlike McEnroe, who is apt to launch a rambling philosophical discourse on the subject of when an athlete should retire, Connors is quick to fend off inquiries that delve into his psyche. When he was asked last week how many more years he will play, he responded as an irate dieter might when asked how many more chocolates he was going to sneak. Jimmy Connors will leave the tour as he wants, when he wants. "I don't think I need a sendoff," he said. "I don't need to go on a tour to say farewell. They've seen me enough anyway." You couldn't prove it by the folks who turned out Tuesday night to cheer and call his name. They turn out to see Jimbo for the same reason they turn out to see Sinatra. The artistry is no longer the ultimate, but the memories are. Even as his game has been gutted by age, Connors is more popular than ever. Crowds are now so clued into his court schtick - he's not as crude as in the old days - that Connors' burlesque now passes for family entertainment. TM TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 3 1991 The Hartford Courant, August 14, 1991 And Connors is laughing all the way to the broadcast booth, where he serves up color commentary for NBC when his forehand fails him. Unlike McEnroe, who, at 32, is still attempting to recapture his former glory, Connors harbors no illusions. Sometime during the late 1980s -- when he found himself not ranked in the top four for the first time since he was a tour rookie in 1973 -- Connors realized his days of dominance were over. He began playing with fewer and fewer expectations. He still played hard, but he played for fun. Connors didn't feel psychologically tortured when his losses were few, and he doesn't sweat it now that they're frequent. He's the tour's grand old man, and he plays it to the hilt when it pleases him, which means when the TV cameras are on. But if you're looking to nominate Connors as the game's goodwill ambassador, forget it. He's not your man. "He was the most entertaining and the most successful player of the Open era [after 1968]," said ex-U.S. Davis Cup captain Arthur Ashe. "But he was not the most significant." Connors has given tennis hundreds of great performances, the obvious hallmark of any champion. But he has played only a cameo role in Davis Cup competition, and it was his conduct in Sweden in 1984 that caused the USTA to draw up a Code of Conduct for Davis Cup players to sign. Connors never played Davis Cup again. It's funny to 522 him, in the deepest twilight of his career, getting involved in Team Tennis. He's never been one to look out for the other guy. Raised by his mother and grandmother, "Connors has exuded an attitude of me, us against the world," Ashe said. "It wasn't Connors, it was Connors and his mother. The attitude was, 'We're just a lower-middle-class Irish family from the other side of the Mississippi [Belleville, Ill.] and we'll show the world; you just watch us. 11 Throughout his career, Connors has made that attitude a staple of his press conferences. He loves to liken his matches to street fights, to talk about the blood and sweat he leaves on the court. The power of his suggestion is that he wins because he's tougher, a blue-collar, slug-it-out, street-fighting man. Ashe says that he and many Connors colleagues on tour have always been highly amused by the way Connors portrays himself, and amazed by the way the media has swallowed this self-portrait. Others have been less enthralled. Recently, Connors has been trying to contract with a publisher to sell the rights to his autobiography. One New York publisher met with Connors for one hour and came away singularly unimpressed and uninterested. Of Connors, he said, "he has nothing to say." But Connors will have much to say when the history of men's tennis is written. Few athletes -- in any sport -- have gotten as much out of their ability as has Jimmy Connors. Few have persevered as long or as well. When Connors leaves the tennis scene for good, nobody will lament "if only he'd. II He did. All of it. LEXIS:NEXIS® LEXIS-NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 4 1991 The Hartford Courant, August 14, 1991 EW HAVEN -- The headliner at Tuesday's Volvo International may be ranked 200th in the world on the ATP computer, but he's still No. 1 or 2 wherever American tennis fans gather. Sidelined for most of last year after wrist surgery, Jimmy Connors was ranked tied for 936th in the world, lower than Albania, but how many of the tour's young lions chugged Pepto-Bismol before going out to play him? They'd pay to put him on the Legends tour, if only he'd go. Wasn't it just two months ago at the French Open that old Jimbo -- he turns 39 Sept. 2 -- forced ex-French Open champion Michael Chang to the decisive fifth set, before defaulting because of a sore back? Like Nolan Ryan, Jimmy Connors at any age can still be a clear and present danger. "I think Connors hits the ball better than Chang does right now, but he [Connors] is not the same player he was," John McEnroe said in June at the Davis Cup. "I wish he'd finished the match." Connors, who lost to MaliVai Washington 6-4, 6-2 Tuesday night, has successfully finished more matches than anyone. His 109 career singles titles is a record. He hasn't won a tournament in three years, but he plays on because he loves the game, the adulation of the fans, and the chance to terrorize the tour's top newcomers now and again. Unlike McEnroe, who is apt to launch a rambling philosophical discourse on the subject of when an athlete should retire, Connors is quick to fend off inquiries that delve into his psyche. When he was asked last week how many more years he will play, he responded as an irate dieter might when asked how many more chocolates he was going to sneak. Jimmy Connors will leave the tour as he wants, when he wants. "I don't think I need a sendoff," he said. "I don't need to go on a tour to say farewell. They've seen me enough anyway." You couldn't prove it by the folks who turned out Tuesday night to cheer and call his name. They turn out to see Jimbo for the same reason they turn out to see Sinatra. The artistry is no longer the ultimate, but the memories are. Even as his game has been gutted by age, Connors is more popular than ever. Crowds are now 50 clued into his court schtick -- he's not as crude as in the old days -- that Connors' burlesque now passes for family entertainment. And Connors is laughing all the way to the broadcast booth, where he serves up color commentary for NBC when his forehand fails him. Unlike McEnroe, who, at 32, is still attempting to recapture his former glory, Connors harbors no illusions. Sometime during the late 1980s -- when he found himself not ranked in the top four for the first time since he was a tour rookie in 1973 -- Connors realized his days of dominance were over. He began playing with fewer and fewer expectations. He still played hard, but he played for fun. Connors didn't feel psychologically tortured when his losses were few, and he doesn't sweat it now that they're frequent. He's the tour's grand old man, and he plays it to the hilt when it pleases him, which means when the TV cameras are on. But if you're looking to nominate Connors as the game's goodwill ambassador, forget it. He's not your man. LEXIS:NEXIS® LEXIS®NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 5 1991 The Hartford Courant, August 14, 1991 "He was the most entertaining and the most successful player of the Open era [after 1968]," said ex-U.S. Davis Cup captain Arthur Ashe. "But he was not the most significant." Connors has given tennis hundreds of great performances, the obvious hallmark of any champion. But he has played only a cameo role in Davis Cup competition, and it was his conduct in Sweden in 1984 that caused the USTA to draw up a Code of Conduct for Davis Cup players to sign. Connors never played Davis Cup again. It's funny to see him, in the deepest twilight of his career, getting involved in Team Tennis. He's never been one to look out for the other guy. Raised by his mother and grandmother, "Connors has exuded an attitude of me, us against the world," Ashe said. "It wasn't Connors, it was Connors and his mother. The attitude was, 'We're just a lower-middle-class Irish family from the other side of the Mississippi [Belleville, Ill.] and we'll show the world; you just watch us.' If Throughout his career, Connors has made that attitude a staple of his press conferences. He loves to liken his matches to street fights, to talk about the blood and sweat he leaves on the court. The power of his suggestion is that he wins because he's tougher, a blue-collar, slug-it-out, street-fighting man. Ashe says that he and many Connors colleagues on tour have always been highly amused by the way Connors portrays himself, and amazed by the way the media has swallowed this self-portrait. Others have been less enthralled. Recently, Connors has been trying to contract with a publisher to sell the rights to his autobiography. One New York publisher met with Connors for one hour and came away singularly unimpressed and uninterested. Of Connors, he said, "he has nothing to say." But Connors will have much to say when the history of men's tennis is written. Few athletes -- in any sport -- have gotten as much out of their ability as has Jimmy Connors. Few have persevered as long or as well. When Connors leaves the tennis scene for good, nobody will lament "if only he'd. " He did. All of it. TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable **** **** * 5 PAGES 175 LINES JOB 42255 10067P * * 11:22 A.M. STARTED 11:24 A.M. 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Recyclable ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** ***** 47423 BEGIN PRINTOUT SEPTEMBER 17, 11:24 A.M. ***** SEND TO: NIX, SUSAN MICHELE WHITE HOUSE COMMUNICATIONS OFFICE OLD EXECUTIVE OFFICE BUILDING ROOM 111 1/2 WASHINGTON, DISTRICT OF COLUMBIA 20500 TM LEXIS:NEXIS® LEXIS®NEXIS® LEXIS-NEXIS Services of Mead Data Central, Inc. Recyclable PRINT CASE REQUESTED: SEPTEMBER 17, 1992 100G7P 1 DOCUMENT PRINTED 4 PRINTED PAGES SEND TO: NIX, SUSAN MICHELE WHITE HOUSE COMMUNICATIONS OFFICE OLD EXECUTIVE OFFICE BUILDING ROOM 111 1/2 WASHINGTON DISTRICT OF COLUMBIA 20500 05263 LEXIS:NEXIS® LEXIS·NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 1 DATE: SEPTEMBER 17, 1992 CLIENT: LIBRARY: NEXIS FILE: OMNI YOUR SEARCH REQUEST IS: CARTER w/s MISERY INDEX W/3 2! NUMBER OF STORIES FOUND WITH YOUR REQUEST THROUGH: LEVEL 1... 13 TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 2 3RD STORY of Level 1 printed in FULL format. Copyright (c) 1988 Chicago Tribune Company; Chicago Tribune April 17, 1988, Sunday, FINAL EDITION SECTION: PERSPECTIVE; Pg. 1; ZONE: C Magazine. Copyright 1988 Random House Inc. Reprinted with permission. Distributed by LENGTH: 1273 words HEADLINE: VOTERS ARE UNITED IN THEIR EFFORT TO DIVIDE THE POWER OF 2 PARTIES BODY: "People don't want any one party to be dominant they prefer divided government. They just don't want one party of scoundrels in there People believe in checks and balances." Louis Harris, pollster. Voters like to blame politicians for "the mess" in Washington, as if voters themselves had no role in the problem. Yet obviously, what happens inside the Beltway depends greatly on what the voters decide out in the country. The root cause of divided government is rampant ticket-splitting. Perhaps the most important fact about the American political system today is that WE have no clear-cut majority party. Our history shows that it usually takes a single party with a cohesive program and dominance in both Congress and the White House to run our political system. Yet today, neither party has such command. The Democratic Party's long hegemony has ended. Republicans have won four of the last five presidential elections, but no new Republican majority has replaced the Democrats' New Deal coalition, because of the rise of independent voters. Today, we have two minority parties. And the equilibrium between them works against effective government. The emergence of a new partisan majority would not only give greater coherence to American government, it would fit the patterns of the past two centuries. For our two-party system has been marked by rhythmic swings from one party to another. Every three decades or 50 has brought a political watershed. The first great dynasty began in 1800 with the dominance of the Jeffersonian Democratic-Republican Party. A major realignment took place in 1828 with the rise of Jacksonian Democrats battling the Whigs, the new opposition. Another major shift occurred in 1860 with the demise of the Whig Party and the birth of the unionist Republican Party of Abraham Lincoln. Then in 1896, after a muddy two decades of often-divided government, the Democrats swung to the Western, silver-standard populist of William Jennings Bryan while the gold standard, pro-business Republicans gained national hegemony with the election of William McKinley. TM TM TM LEXIS:NEXIS® LEXIS-NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 3 (c) 1988 Chicago Tribune, April 17, 1988 Republican dominance lasted, allowing for the interlude of Woodrow Wilson, until Franklin Delano Roosevelt forged the New Deal Democratic coalition in 1932. Then, for two uninterrupted decades, the Democrats held the White House. This historic rhythm, with swings every 28 to 36 years, should have produced a new watershed between 1960 and 1968-with a Republican majority replacing the New Deal coalition. The first trumpeting of the Republican coming sounded in 1952 when Dwight Eisenhower cracked Democratic control of the West and the "Solid South." Republicans, winning House and Senate as well as the White House, sensed the hinge of history opening to a new era of GOP dominance. But the Republican surge proved ephemeral. Two years later, the Democrats regained control of Congress and despite Eisenhower's second triumph in 1956, congressional Republicans fell back. Again wih Richard Nixon, Republicans saw their dream rekindled, especially in 1972, when they made a net gain of two Senate seats and five House seats in the South. But the Watergate scandal threw the Republicans off track. Kevin Phillips, a Nixon strategist who wrote "The Emerging Republican Majority," told me years later that he believed that Watergate had blocked the normal swing of the pendulum and prevented full Republican realignment. In 1974, the Democrats won the Senate for six more years, firmed up an unbeatable majority in the House, and set the stage for Jimmy Carter's victory in 1976. But Watergate created an illusion of Democratic strength. For despite its hold on Congress, the Democratic Party was losing its grip on the country and its long hegemony over national government. During the past two decades, the Democrats have suffered painful hemorrhages among traditional constituencies in both the North and South. At its core, Roosevelt's New Deal coalition was an uneasy alliance of its northern and southern wings-white Southerners, mainly Protestant, conservative, largely rural and mostly native-stock Americans; and white Northerners, mainly Catholic, liberal, urban and largely ethnic immigrants. If either faction pressed its agenda too hard, the other was sure to be disaffected. Issues of race, war and the economy finally tore apart FDR's coalition. Overall, Democrats lost more than half their strength among Southern whites. Republican strength doubled among this group and independent voters tripled. In 1952, for example, 78 percent of white Southerners called themselves Democrats; but after Reagan's 1984 re-election, only 37 percent were still self-proclaimed Democrats. In that interval Republicans shot up from 11 percent to 24 percent and independents from 12 percent to 39 percent. The second great Democratic defection came in the North during the early 1980s among urban ethnic blue-collar voters. Ironically, Jimmy Carter fashioned the political litmus test that sealed his own fate and wounded his party. To highlight Republican economic failures, Carter invented "the misery index," which added the rates of inflation and unemployment. In 1976, Carter browbeat Gerald Ford mercilessly for a misery LEXIS:NEXIS® LEXIS·NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. Recyclable PAGE 4 (c) 1988 Chicago Tribune, April 17, 1988 index of 15.3. But in October, 1980, Carter's own misery index shot up to 21.3. Ronald Reagan used that miserable record, and his later success in beating down inflation, to lure away Big Labor's rank and file. Three times, in 1968, 1972 and 1984, the Democrats fielded variations of the same ticket-a Northern liberal Protestant running for president with a Northern liberal Catholic as a running mate (Hubert Humphrey and Edmund Muskie in 1968; George McGovern and Sargent Shriver in 1972; Walter Mondale and Geraldine Ferraro in 1984). All three times, the Democratic ticket got 40 percent of the popular vote, a weak race for the presidency. In 1980, Carter, as incumbent president and a Southerner, got only 41.7 percent of the vote. That poor Democratic record highlights one hallmark of a major realignment-the Republican "lock" on the presidency. Lock is the graphic term of Horace Busby, a political commentator who rose to prominence as a Texas lieutenant of Lyndon Johnson. In the last five presidential elections, Busby points out, Republican nominees have won a staggering 77 percent of the nation's electoral college votes, while Democrats have won just 21 percent. (Third parties won 2 percent.) In support of his "lock" idea, Busby noted that in the nine presidential elections from 1952 through 1984, 29 states voted Republican at least seven times-and those states cast 289 electoral votes, more than an Electoral College majority (270 votes). The strong pro-Republican group covers every state from the Great Plains to the Pacific Coast except Texas, Oklahoma and Washington. Again, this fits historical patterns. For virtually every political realignment in American history has been a revolt of what then constituted the South and West against established power in the North and East. Nowadays, California and the Rocky Mountain West have anchored the new Republican power base, usually joined by Florida, symbol of the new Sun Belt, against established power centers in the industrial Rust Belt heartland and the old South. And the 1988 election will test these regional patterns once again, especially if the Democrats pick a nominee from the Northeast, like Massachusetts Gov. Michael Dukakis, and the Republicans pick a man who claims Texas as his home, like Vice President George Bush. TERMS: ANALYSIS; GROUP; ELECTION; STATISTIC; UNITED STATES; HISTORY; TEXT; BOOK; DATE LEXIS:NEXIS® LEXIS-NEXIS® LEXIS·NEXIS® Services of Mead Data Central, Inc. Recyclable * 4 PAGES 135 LINES JOB 47423 10067P * * 11:24 A.M. STARTED 11:25 A.M. ENDED 09/17/92 * **** * EEEEE N N DDDD * * E N N D D * * E NN N D D * * EEE N N N D D * * E N NN D D * * E N N D D * * EEEEE N N DDDD * SEND TO: NIX, SUSAN MICHELE WHITE HOUSE COMMUNICATIONS OFFICE OLD EXECUTIVE OFFICE BUILDING ROOM 111 1/2 WASHINGTON, DISTRICT OF COLUMBIA 20500 TM TM LEXIS:NEXIS® LEXIS·NEXIS® LEXIS-NEXIS® Services of Mead Data Central, Inc. S Recyclable To Michele Date 9:50 Time WHILE YOU WERE OUT M JON BANCROTT of MORTgAge Bonkers Phone 861 6568 Area Code Number Extension TELEPHONED PLEASE CALL CALLED TO SEE YOU WILL CALL AGAIN WANTS TO SEE YOU URGENT RETURNED YOUR CALL Message Operator CAH AMPAD 23-021 200 SETS EFFICIENCY® 23-421 400 SETS CARBONLESS FROM: HUD PD&R TO: 2024566218 SEP 15, 1992 12:25PM #952 P.01 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ASSISTANT SECRETARY FOR POLICY DEVELOPMENT AND RESEARCH OFFICE OF POLICY DEVELOPMENT TELECOPIER COVER SHEET FAX DATE: 9/15/92 708-5536 NUMBER OF PAGES (INCLUDING THIS PAGE): M TO: michelle Nix FROM: Jon Gauthier PHONE NUMBER: 456-7750 708-3896 FAX NUMBER: 456-6218 SUBJECT: Attached is the information you reQuested on the number of additional Familier that would have been assisted if the Pres. 1st time novebuyer credit were enacted. Also, I've attached an article relating the point I made about the benefit of lower interest rates. While it takes a while for people to refinence and begin saving, the economy is poised For a strong comeback. THE PHONE NUMBER FOR THIS FAX MACHINE IS (202) 708-5536 FROM: HUD PD&R TO: 2024566218 SEP 15, 1992 12:26PM #952 P.02 HUD estimates that 385,000 more families will purchase homes in 1992 solely because of the first-time homebuyer credit. Many of these will buy presently occupied homes and the sellers of these will in turn buy another home in most cases. The result will be an increase in total home sales in 1992 of 1.3 million. This will boost sales of existing homes and help stabilize real estate prices. New home starts will increase by 209,000 in 1992 and 97,000 in 1993 because of the credit. The two year increase in starts is less than the 385,000 new homeowners because of purchases from the inventory of unsold homes and because of a slight decline in multifamily starts as more renters become homeowners. 29% of the 385,000 additional first-time homebuyers will have incomes less than 80% of national median income and 60% will have incomes less than 115% of national median income. Housing affor FROM: HUD PD&R TO: 2024566218 SEP 15, 1992 12:27PM #953 P.01 The Washington Times RIDAY, JANUARY 24, 1992 Refinancing rush who refinance are taking on 15-year loans, which won't cut monthly pay- ments as much but let borrowers re- duce their loan balances faster. leads lenders to Processing times have now in- creased to about 50 days, compared with 30 days in non-peak times, Mr. Lasko said. lower the boom He said the Federal Housing Ad- ministration could be hurt by the surge in refinancing. More borrow- ers are shifting to conventional loans "The challenge faced by lenders to avoid newly imposed fees and By Miles Maguire and Karen Riley in handling two to three times as other restrictions, he explained. THE WASHINGTON TIMES much business as a year ago is a "The FHA is losing its best loans More than half of all mortgage serious one, due to the lack of from its portfolio and keeping its lenders are looking for ways to turn trained personnel in the work force," weaker ones," he said. This could un- away business in the face of a rush Mr. Lasko said dercut the government's efforts to to refinance that will sweep up 3 mil- "Even if a lender wanted to double limit losses from bad loans, he said. lion consumers this year, a trade its number of mortgage processors, As loan volume has increased. so group said yesterday. have consumer complaints. One "It's out of control. There's more it would be impossible," he said. area of concern is that refinancing refinances than there are people to "Sufficient numbers of trained per- is not covered by truth-in-lending handle them," said Mike Devlin, sonnel simply do not exist." laws. Some consumers have com- manager of the Chevy Chase branch "We're being inundated with re. plained of getting hit with unex- of First Washington Mortgage. quests,". said Pat Casey, a regional To deal with the surge in demand, pected fees at closing. vice president at Crestar Bank. "At some lenders are simply not answer- To avoid this problem, Mr. Lasko these rates, virtually everybody in 3 their phones while others are re- urged consumers to get a detailed the world is eligible." sing to do business. with anyone breakdown of fees in writing at the Interest rates have risen slightly out current customers, industry of- time of application. in recent weeks but remain near an ficials say. But consumers are also using "Every business has to make a de- 18-year low. This recent increase has lending laws to their advantage. par- cision about whether to add volume," added momentum to the refinancing ticularly one that gives them three said Warren Lasko, executive vice stampede. days after closing to rescind a re- president of the Mortgage Bankers Last week applications jumped 21 financing agreement. "Some bor- Association (MBA). percent as rates rose by about a rowers are using that provision to His group estimates that 50 per- quarter of a percentage point. hold a lender hostage," said Brian cent. of lenders nationwide have The Federal Home Loan Mort- Chappelle, an MBA vice president. taken steps to limit refinancing ap- gage Corp. said yesterday that inter- Employees at Atlantic Mortgage plications. Their efforts to "ration" est on 30-year fixed-rate mortgages Corp. in Kensington are working 10- loan funds include raising rates, averaged 8.56 percent this week, a to 11-hour days to keep up with the charging upfront fees and limiting seven-week high. The MBA expects refinancing demand. But the com- product choices, according to the rates to remain in the 8.5 percent to pany hopes to attract even more vol- MBA and other industry sources. 9 percent range for the first half of ume, said Brent Chapel, chief execu- Even so, "there's not a chance" the year and then rise if the economy tive officer. that borrowers will be shut out of the picks UD "We are trying to take more, hire market because other lenders are In terms of the impact on the U.S. more people, restructure our com- still willing and able to handle the economy over the next two years, the pany so we can accommodate more," demand for refinancing, Mr. Lasko lower rates are "the equivalent of @ Mr. Chapel said. said. tax reduction of $22 billion," Mr The surge to lock in lower rates on He also called on consumers to Lasko said, mortgage loans is "the initial stages take steps to make refinancing go The increase in disposal income is of coming out of the recession," he more smoothly. a result of refinancing fixed-rate said. Many lenders say they are in mortgages and of automatic reduc- creasing their application fees to "That's going to go into savings tions occurring in adjustable rate discourage certain kinds of con- and be blowed back into the econ- sumer behavior. They say their oper- mortgages. omy It's reacting the way the people The amount would be higher ex- 'ions have become clogged by bor- down at the White House are plan- wers who apply with several cept that many borrowers are look- ning," he said. .enders and then wait to see which ing for ways to reduce their debt bur- one has the best rate at closing time. den. About 40 percent of consumers This number should be even higher now because of additional retinancings 7 Since Tea. 1992. McGroarty/Nix September 16, 1992 12:30 p.m. [ga] PRESIDENTIAL REMARKS: GEORGIA HOMEBUILDERS SITE JONESBORO, GEORGIA SEPTEMBER 17, 1992 3:10 P.M. Thank you ------- for those kind words -- and thanks, all of you, for this warm welcome. [Acknowledgements.] I'm pleased today to meet with you, because what you're building here at 1270 Larkwood Drive isn't just a house -- it's a little piece of the American Dream for the family who will call it home. // When you're done here, I'd like to pack you up and take you back to Washington. There's a certain House on the Hill back there that's in need of a little renovation. // You know Bob Vila's show: This Old House? Well, back in Washington, there's an old House on Capitol Hill that hasn't been cleaned out for 38 years. // Let me tell you why I'm here today. Now that the Cold War is over, the defining challenge of the 90's is to win the peace - - to win the competition of the new global economy. // I'll give it to you straight: In the 21st Century, America must be not only a military superpower, but an economic superpower -- an export superpower. In this election, you'll hear two versions of how to do this: My opponent's answer is to look inward -- to pretend we can protect what we already have. Ours is to look forward -- 2 open new markets, prepare our people to compete, restore the social fabric, to save and invest -- so that, when it comes to the global competition -- America will win. // We need what I offer: An Agenda for American Renewal -- a strategy that reaches out to the world in a way that makes a difference right here in Clayton County -- in your neighborhoods, in your lives. We must build on the fundamentals of lower tax rates, limits on government spending, less red tape and regulation -- and more trade, more competition, to generate the growth that means more opportunity ... more jobs. And I think that in the 90's, government can add to this growth program by building opportunity and hope for individuals, empowering families and communities. My agenda for renewal is a blueprint for long-term growth. what But near-term -- right now -- we all know we've got to do to ^ jumpstart our economy ... to put America back to work. // Back in January, 8 months ago, I challenged Congress to pass a new incentive: a $5000 dollar tax credit for all first-time homebuyers. I proposed that "home credit" for two reasons: First, because I knew that coming out of troubled times, housing is traditionally the sector that pulls this economy forward. I also wanted to help young families, the ones struggling to save for that first home. Because the American Dream, after all, really starts right here (gesture to homesite) -- with a home of your own. // 3 This year alone, my plan would have meant more than 120,000 new housing starts -- and 220,000 new jobs in the economy, including jobs for carpenters and plumbers and plasterers. And for the average first-time homebuyer in Clayton County, that tax credit would have been the equivalent of eight month's worth of mortgage payments. Right here at 1270 Larkwood, it's like getting your down payment back -- and more. // My plan's still sitting / stalled by a do-nothing liberal leadership that puts politics ahead of helping people. Why worry about helping put people into new homes -- and put you back to work? I guess they figure they've already got their own House - - and their own Senate, too. // Rule #1 in this business is: build from the ground up. Well, given what you've seen in Congress this year -- I think this is one time you ought to raise the roof. // The housing business is no different from a hundred other small businesses in America. I see small business as the engine of the American economy -- generating jobs and opportunity. My opponent sees small business as the goose that laid the golden egg. From $150 billion in new taxes / to a payroll tax for health care / to a training tax -- Bill Clinton wants to squeeze small business to bankroll big government. // Well I say: keep your hands off the housing industry. America's small businesses need relief -- relief from taxation / litigation / and over-regulation. // 4 Any irml You know, last month I was in Western Michigan, talking to a 25 group of small business leaders. I talked to a guy who runs an From asphalt paving company. He said, "Mr. President, when regulation doesn't make sense, it's the worker who pays -- with his job. // Excessive regulation is a huge hidden cost in housing. The single most expensive item in a home these days isn't the sheetrock / or the drywall / it isn't all the lumber or even the land underneath. The single most expensive item in a new home these days is that piece of paper you stick inside the front Tox ther window -- the Building Permit. // All the regulations it can represents add up to 20 to 35 percent of the cost of every house. That's why I've put a freeze on new federal regulations -- to give businesses like yours a chance to breathe. // There are some good signs for the housing industry. The housing affordability index is almost double what it was 10 years ago. Interest rates today are lower now than any time since 1973. The last time a family could get a mortgage this low -- milk was 98 cents a gallon, or for you younger folks: Nolan Ryan was a rookie. // Let me tell you what lower interest rates mean to the American worker, the American family: Lower interest rates mean real money -- real savings for every American who buys a home ... for every family that refinances a mortgage. It means money in your pocket -- as much as $2000 dollars a year or more -- that instead of paying to the bank, you can put in the bank. 4 You know, last month I was in Western Michigan, talking to a group of small business leaders. I talked to a guy who runs an asphalt paving company. He said, "Mr. President, government regulations are killing us." He made the point that when a regulation doesn't make sense, it's the worker who pays -- with his job. // Excessive regulation is a huge hidden cost in housing. The single most expensive item in a home these days isn't the sheetrock / or the drywall / it isn't all the lumber or even the land underneath. The single most expensive item in a new home these days is that piece of paper you stick inside the front window -- the Building Permit. // All the regulations it represents add up to 20 to 35 percent of the cost of every house. That's why I've put a freeze on new federal regulations -- to give businesses like yours a chance to breathe. 11 There are some good signs for the housing industry. The housing affordability index is almost double what it was 10 years ago. Interest rates today are lower now than any time since 1973. The last time a family could get a mortgage this low -- milk was 98 cents a gallon, or for you younger folks: Nolan Ryan was a rookie. // Let me tell you what lower interest rates mean to the American worker, the American family: Lower interest rates mean real money -- real savings for every American who buys a home for every family that refinances a mortgage. It means money in your pocket -- as much as $2000 dollars a year or more -- that 5 instead of paying to the bank, you can put in the bank. Nationwide, that's like an almost $30 billion dollar tax cut for America's homeowners. // Now that's good news, but I'm not satisfied with good news when we could do even better. / Some studies show that three- quarters of all renters are ready to become buyers -- if they could muster up that downpayment. // If Congress had passed my plan when I asked them to -- if Congress had acted to help first- time homebuyers -- you'd see almost 400,000 more "Sold" signs on front lawns all across America. // And workers in the home-building area wouldn't be worried about pink slips -- they'd be too busy working overtime. // So today, let me make a suggestion: Come November 3rd, you can send me a Congress I can work with. // And if you say: Give me one good reason you'll get Congress to act -- I'll give you 150. That's the number of new faces we'll see next year in the Congress. Now -- I'll be candid. I want every last one of them to be Republican. / But whatever party they come from -- even if they were first elected before some of you were born -- they'll come back with a new appreciation for what you want: a complete set of instructions from the American people that it's time for Congress to change. And don't forget what happened the last time the Democrats controlled both ends of Pennsylvania Avenue: The days of malaise -- a Misery Index over 20 percent -- and mortgage rates so high it was a lock-out for millions of Americans who wanted to buy 6 their own home. We've seen what happens when the party of tax and spend operates without any checks and balances. // There's a better way -- a way we can do what's right for America. I've set out 13 specific initiatives -- 13 actions I'll challenge the new Congress to take in the first year of my second term. / November 3rd I'm looking for a mandate to move forward: To move forward on my Agenda for American Renewal -- an agenda that builds the stronger, more secure America we want for ourselves -- for our kids. // We've got to remember this fundamental fact: America is the envy of the world, not because its government is great -- but because its people are great. Because the American people are builders who dream, and dreamers who build. Thank you once again for this warm welcome -- and may God bless the United States of America. # # # NIMBY Report DEPARTMENT U.S. OF FHOUSING 1991 * LOPMENT AND Advisory Commission on Regulatory Barriers to Affordable Housing U.S. Department of Housing and Urban Development July 8, 1991 Honorable Jack Kemp Secretary of Housing and Urban Development U.S. Department of Housing and Urban Development Washington, DC 20410 Dear Mr. Secretary: The American Dream for every family has at its core a comfortable home in a safe neighborhood, a home available to buy or rent at a cost within the family budget, a home reasonably close to the wage earner's place of work. Unfortunately, too many American families today cannot fulfill their version of that dream because they cannot find affordable housing. The cost of housing is being driven up by an increasingly expensive and time-consuming permit-approval process, by exclusionary zoning, and by well-intentioned laws aimed at protecting the environment and other features of modern-day life. The result is that fewer and fewer young families can afford to buy or rent the home they want. These were among the concerns, Mr. Secretary, that you expressed when you established the Advisory Commission on Regulatory Barriers to Affordable Housing. In your Charter, you asked this group of distinguished and experienced Americans to explore the effect of the maze of Federal, State, and local laws, regulations, ordinances, codes, and innumerable other measures that act as barriers to the development of affordable housing in appropriate places. You asked the Commission to catalogue the barriers, identify the sources of those barriers, and propose solutions that would help millions of American families to achieve their dream. Pursuant to your charge, the Commission has prepared a comprehensive Report that identifies regulatory barriers to affordable housing and, just as important, proposes action to lower those barriers. Throughout the Report, the Commission expresses its belief that change is essential if the Nation is to meet its goals of a decent home and suitable living environment for every American family. In closing, we wish to extend our deep gratitude to members of the Commission, who gave of their time and talent to fashion this Report. On their behalf, we have the honor to transmit to you, Mr. Secretary, pursuant to Section 12 of the Charter, "Not In My Back Yard": Removing Barriers to Affordable Housing, the Report of the Advisory Commission on Regulatory Barriers to Affordable Housing. Respectfully, Then Thomas H. Kean, Chairman Than Thomas Ludlow Ashley, Cably Vice Chairman Executive Summary the issues, and recommended solutions concerning nent. Some suburban areas, intent on preserving the impact of regulation on housing prices. The fact their aesthetic and socioeconomic exclusivity, erect that the problem remains today should not deter impediments such as zoning for very large lots to continued efforts to resolve it. This Commission has discourage all but the few privileged households therefore considered both what should be done and who can afford them. Some exclude, or minimally how to make sure that it is done. provide for, multifamily housing, commonly ac- knowledged to be the most affordable form of Many forces in addition to regulatory barriers affect housing. the problem of affordability of housing. Certainly some aspects of both the housing finance system and In theory a way of separating "incompatible" land the tax structure seem to inhibit the availability of uses to protect health and safety, zoning has become affordable housing. For very low-income house- a device for screening new development to ensure holds, the root problem is poverty. But even for very that it does not depress community property values. low-income households, regulatory barriers make As a result, some suburban communities, consisting matters worse. mainly of single-family homes on lots of one acre or more, end up as homogeneous enclaves where Those other forces are beyond the purview of this households such as schoolteachers, firefighters, Commission's study. What is within its purview is young families, and the elderly on fixed incomes are the effect of regulatory barriers on the cost of hous- all regulated out. ing, and that is substantial. The Commission has seen evidence that an increase of 20 to 35 percent in Suburban gatekeepers also invoke gold-plated subdi- housing prices attributable to excessive regulation is vision controls to make sure that the physical and not uncommon in the areas of the country that are design characteristics of their communities meet most severely affected. very demanding standards. Many of these communi- ties are requiring that developers provide offsite amenities such as parks, libraries, or recreational facilities that can add substantially to the housing costs of new homebuyers. The Basic Problem Whether the search for housing takes place in rap- idly growing suburban areas or older central cities, Many communities in suburban the basic problem is the same: because of excessive Chicago zone out manufactured and unnecessary government regulation, housing housing and make use of estate costs are too often higher than they should and could zoning with 5-acre lots as a be. Yet the specific government regulations that add minimum Attempts to push to costs in suburban and high-growth areas tend to differ from those adding to costs in central cities. homesharing in some of these communities, allowing elderly homeowners to use part of their Regulatory Barriers in the home as rental units, are prohibited Suburbs by local zoning codes In the Nation's suburbs, the landscape of the Suzanne Hayes, Community affordability problem reveals a variety of topical Development Director Cook County Department of Policy, features. Exclusionary zoning, reflecting the perva- Planning and Development sive NIMBY syndrome, is one of the most promi- 4 Executive Summary ling regulations can add considerably to the cost of Here in Mercer County, a major housing. Local residents-concerned about road subdivision would receive 11 differ- congestion, overburdened sewer and water systems, ent reviews from 9 different agencies. overcrowded schools, and strained city budgets- Seven of those reviews concern them- have many ways to limit growth. Households that do selves with the adequacy of storm not want to forgo the job opportunities in growing drainage. Jet fighter planes and moon areas must often travel far afield to find affordable rockets get by with triple redundant housing. control systems. We need seven gov- A look at some cost data can be very sobering. Land ernment agencies to look at whether developers in Central Florida, a boom area under the storm drainage will drain. It is an intense development pressure, must add a $15,000 important concern, but it is probably surcharge to the price of a $55,000 house to cover not that important. the costs of excessive regulation. A $55,000 house becomes a $70,000 house. In Southern California, William Connolly, Director the cost of fees alone has contributed $20,000 to the División of Housing and price of many new homes, and fees of $30,000 or Development New Jersey Department of more are not rare. In New Jersey, developers report Community Affairs that excessive regulation is adding 25 to 35 percent to the cost of a new house. It is clear that the costs of regulation in suburban and high-growth areas are causing large numbers of households to forgo their Communities are increasingly charging large fees to dreams of homeownership or to make difficult developers who seek the privilege of building hous- tradeoffs involving very long commutes ing in them. These fees may bear little resemblance to the actual cost of providing services and facilities that new subdivisions require. Although fee sched- In Moreno Valley, Califori ules are often driven by fiscal concerns, they have a morning rush hour begins mue after regressive effect. Fees are generally fixed regardless 4:00 a.m. as thousands of sleepy of how much they affect the cost of a new home. commuters-mostly men-stumble Thus, households that can only afford less expensive houses end up paying a higher proportion of the into their cars to begin their 70-mile sales price to cover the cost of fees. westward trek to the job centers of Orange County. If they're lucky, Slow and overly burdensome permitting is another they'll slip through the Highway 91 regulatory obstacle. The original rationale for estab- Interstate 15 bottleneck in nearby lishing permitting and approval processes is Corona before 5:00, when the morn- unassailable: to ensure that construction meets ing traffic jam typically begins. That established standards related to health, safety, and way, they'll be in Orange County by other important public concerns. But, in many 6:00, able to catch an extra hour of jurisdictions, the process involves multiple, time- consuming steps that add unnecessarily to housing sleep in their cars before the workday costs. Delays of 2 to 3 years are not uncommon. begins. William Fulton The affordability landscape comes most sharply into focus in areas that are experiencing rapid growth. "The Long Commute Planning These are the places that attract households seeking July 1990 opportunities, and the places where growth-control- 5 Michael NAHB Carliner 822-0374 623 8)5000 48/- working on To 16/40 16 40 Gauthier Freduckshung, VA Sept 4,1992 1562 Sept. 4 / Administration of George Bush, 1992 come to this marvelous town. And may I sa- why we've placed small business at the heart lute two Members of Congress with me, of our agenda for America's economic future. Congressman George Allen, a good man, and Small businesses employ over half our work to Herb Bateman, another great Congress- force, create two-thirds of new American man. Two State delegates that you all know jobs. And they're the hothouse for innova- well, Bill Howell and Bobby Orrock, they're tion, risk-taking, and new ideas, the powerful with us today. And I want to thank your locomotive that will take our economy right Mayor of 16 years, Lawrence Davies, who down the tracks, full steam ahead into the greeted us at the airport. You've got a lot 21st century. I am optimistic about this coun- to be proud of here. And I know that there try. are six Olympians from this area-two gold When it comes to renewing the American medal winners-and I salute all of them. economy, my loyalty lies with small business. I told Barbara I was coming down to a I've actually held a job in the private sector, hardware store this morning. [Laughter] She something my opponent has not done, half told me I'd better come back with the tools my life in the private sector and half in public to fix Millie's doghouse or else I'd be in one life. And I started a small business, built it myself. from the ground up, know what it is to go But here we are in Fredericksburg to talk out and work with partners and employees. about small business. I'm going to ask you And I know what it's like to sweat out a tough to bear with me because some of these points deal, to shop for credit, to try your darndest are serious points about the future of this to meet the next payroll-and even if I got country. And we want to drive home the fact ulcers to prove it. that businesses like the one I just visited, I believe that meeting a payroll is a good Fredericksburg Hardware, and Goolrick's qualification for President of the United here do more than sell doorknobs and States of America. Now, let me tell you what drywall, hairnets and lipsticks. Small business must be done to help small businesses here generates the hope and the pride and the and across the country. We've got to give jobs that hold America together. business the relief from excessive Govern- America's economy is working its way ment regulation. We need to increase access through a period of profound change. Many to credit and investment. And while Gov- of the larger companies have retrenched and ernor Clinton wants to raise taxes and has restructured. And I know those changes have already proposed it, I want to cut the taxes been difficult for many working Americans. on small business. And I need a change in But American small businesses, they've Congress to get that done. shown the staying power, creating new prod- I was out in western Michigan the other ucts by the thousands and new jobs by the day, talking to a group of people and small hundreds of thousands. And we are grateful business leaders. I met a guy who runs an to every small business man and woman in asphalt paving company. And he said, "Mr. this country. It is critical that we concentrate President, when regulation doesn't make on the importance of small business to our sense, it's the worker who pays with his job." economy. Because today, the defining chal- And we are tackling this problem head-on. lenge of the nineties is to reinvigorate our In January, I ordered a freeze on Federal national economy so that we can win, we can regulations. The business men and women win the competition in this whole new global have enough to worry about without Wash- economy. ington double-checking their every move. In this election, you're going to hear two Regulation, less of it. But without the bur- very different versions of how to do this. My den of overregulation, businesses can't grow opponent's answer is to turn inward, to pre- without capital. The credit crunch has hit our tend that we can protect what we have. And small businesses hard. And that's why we've ours is to look forward, to open new markets, been working with bankers and regulators to to prepare our people to compete, to restore ease that crunch. We have the SBA, the the social fabric of this country, and to save Small Business Administration, working dou- and invest, so that we can win. And that's ble-time to help these credit-starved busi- McGroarty/Nix September 15, 1992 2:30 p.m. [ga] PRESIDENTIAL REMARKS: GEORGIA HOMEBUILDERS SITE JONESBORO, GEORGIA SEPTEMBER 17, 1992 3:10 P.M. Thank you for those kind words -- and thanks, all of you, for this warm welcome. [Acknowledgements.] I'm pleased today to meet with you, because what you're building here at 1270 Larkwood Drive isn't just a house -- it's a little piece of the American Dream for the family who will call it home. // When you're done here, I'd like to pack you up and take you back to Washington. There's a certain House on the Hill back there that's in need of a little renovation. // You know Bob Vila's show: This Old House? Well, there's an old House back in Washington that hasn't been cleaned out for 38 years. // Let me tell you why I'm here today. Now that the Cold War is over, the defining challenge of the 90's is to win the peace - - to win the competition of the new global economy. // I'll give it to you straight: In the 21st Century, America must be not only a military superpower, but an economic superpower -- an export superpower. In this election, you'll hear two versions of how to do this: My opponent's answer is to look inward -- to pretend we can protect what we already have. Ours is to look forward -- open new markets, prepare our people to compete, restore the 2 social fabric, to save and invest -- so that, when it comes to the global competition -- America will win. // We need what I offer: An Agenda for American Renewal -- a strategy that reaches out to the world in a way that makes a difference right here in Clayton County -- in your neighborhoods, in your lives. We must build on the fundamentals of lower tax rates, limits on government spending, less red tape and regulation -- and more trade, more competition, to generate the growth that means more opportunity more jobs. And I think that in the 90's, government can add to this growth program by building opportunity and hope for individuals, empowering families and communities. My agenda for renewal is the blueprint for long-term growth. But near-term -- right now -- we all know we've got to do what we can to jumpstart our economy to put America back to work. // Back in January, 8 months ago, I challenged Congress to pass a new incentive: a $5000 dollar tax credit for all first-time homebuyers. I proposed that "home credit" for two reasons: First, because I knew that coming out of troubled times, housing is traditionally the sector that pulls this economy forward. I also wanted to help young families, the ones struggling to save for that first home. Because the American Dream, after all, really starts right here (gesture to homesite) -- with a home of your own. // 3 This year alone, my plan would have meant more than 120,000 new housing starts -- and 220,000 new jobs in the economy, including jobs for carpenters and plumbers and plasterers. And for the average first-time homebuyer in Clayton County, that tax credit would have been the equivalent of eight month's worth of mortgage payments. Right here at 1270 Larkwood, it's like getting your down payment back -- and more. // My plan's still sitting / stalled by a liberal leadership that puts politics ahead of helping people. Why worry about helping put people into new homes -- and put you back to work? I guess they figure they've already got their own House -- and their own Senate, too. // Rule #1 in this business is: build from the ground up. Well, given what you've seen in Congress this year -- I think this is one time you ought to raise the roof. // The housing business is no different from a hundred other small businesses in America. I see small business as the engine of the American economy -- generating jobs and opportunity. My opponent sees small business as the goose that laid the golden egg. From $150 billion in new taxes / to a payroll tax for health care / to a training tax -- Bill Clinton wants to squeeze small business to bankroll big government. // Well I say: keep your hands off the housing industry. America's small businesses need relief -- relief from taxation / litigation / and over-regulation. // 4 You know, last month I was in Western Michigan, talking to a group of small business leaders. I talked to a guy who runs an asphalt paving company. He said, "Mr. President, government regulations are killing us." He made the point that when a regulation doesn't make sense, it's the worker who pays -- with his job. // Excessive regulation is a huge hidden cost in housing. The single most expensive item in a home these days isn't the sheetrock / or the drywall / it isn't all the lumber or even the land underneath. The single most expensive item in a new home these days is that piece of paper you stick inside the front window -- the Building Permit. // All the regulations it represents add up to 20 to 35 percent of the cost of every house. That's why I've put a freeze on all new federal regulation - - to give businesses like yours a chance to breathe. // There are some good signs for the housing industry. Interest rates today are lower now than any time since 1973. {Add housing affordability index stat.} The last time a family could get a mortgage this low -- milk was 98 cents a gallon, or for you younger folks: Nolan Ryan was a rookie. // Let me tell you what lower interest rates mean to the American worker, the American family: Lower interest rates mean real money -- real savings for every American who buys a home for every family that refinances a mortgage. It means money in your pocket -- as much as $2000 dollars a year or more -- that instead of paying to the bank, you can put in the bank. 5 Nationwide, that's like a $29 billion dollar tax cut for America's homeowners. // Now that's good news, but I'm not satisfied with good news when we could have even better. / Some studies show that three- quarters of all renters are ready to become buyers -- if they could muster up that downpayment. // If Congress had passed my plan when I asked them to -- if Congress had acted to help first- time homebuyers -- you'd see almost 400,000 more "Sold" signs on front lawns all across America. // And workers in the home-building area wouldn't be worried about pink slips -- they'd be too busy working overtime. // So today, let me make a suggestion: Come November 3rd, you can send me a Congress I can work with. // And if you say: Give me one good reason you'll get Congress to act -- I'll give you 150. That's the number of new faces we'll see next year in the Congress. Now -- I'll be candid. I want every last one of them to be Republican. / But whatever party they come from -- even if they were first elected before some of you were born -- they'll come back with a new appreciation for what you want: a complete set of instructions from the American people that it's time for Congress to change. And don't forget what happened the last time the Democrats controlled both ends of Pennsylvania Avenue: The days of malaise -- a Misery Index over 20 percent -- and mortgage rates so high it was a lock-out for millions of Americans who wanted to buy 6 their own home. We've seen what happens when the party of tax and spend operates without any checks and balances. // There's a better way -- a way we can do what's right for America. I've set out 13 specific initiatives -- 13 actions I'll challenge the new Congress to take in the first year of my second term. / November 3rd I'm looking for a mandate to move forward: To move forward on my Agenda for American Renewal -- an agenda that builds the stronger, more secure America we want for ourselves -- for our kids. // We've got to remember this fundamental fact: America is the envy of the world, not because its government is great -- but because its people are great. Because the American people are builders who dream, and dreamers who build. Thank you once again for this warm welcome -- and may God bless the United States of America. # # #

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Georgia Homebuilders 9/17/92 [OA 7580] [1]

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