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11/12/75 - National Association of Realtors, San Francisco
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11/12/75 - National Association of Realtors, San Francisco
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This file contains material relating to Tandem Program, Home Ownership Subsidy Program, Condominiums.
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Carla A. Hills Speeches
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The original documents are located in Box 1, folder "11/12/75 - National Association of
Realtors, San Francisco" of the Carla A. Hills Speeches at the Gerald R. Ford Presidential
Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box 1 of the Carla A. Hills Speeches at the Gerald R. Ford Presidential Library
FINAL
# 3:
NATIONAL ASSOCIATION OF REALTORS
SAN FRANCISCO, CALIFORNIA
NOVEMBER 12, 1975
IT IS EXHILARATING TO BE HERE.
THIS IS THE ROSE BOWL OF REAL ESTATE CHAMPIONS.
You ARE PLEDGED AND DEDICATED - -- INDIVIDUALLY AND IN
UNION -- TO THE INALIENABLE RIGHT OF EVERY AMERICAN TO OWN
A PIECE OF REAL PROPERTY,
IN YOUR HANDS, THIS NATION'S UNPARALLELED SYSTEM OF
FREE ENTERPRISE -- ABETTED BY HARD WORK AND THE ART OF THE
POSSIBLE --- HAS TRANSFORMED THE AMERICAN DREAM OF HOMEOWNERSHIP
INTO A REALITY FOR MILLIONS OF AMERICAN FAMILIES.
YET, TODAY, AS WE LOOK FORWARD TO THE WORK THAT MUST
BE DONE TO HOUSE OUR PEOPLE IN THE YEARS AHEAD -- THE PROBLEMS
LOOM LARGE.
A.
FORD
GERALD
LIBRARY
-2-
-- A CONTAGIOUS INFLATION HAS PRICED THE
"AVERAGE" HOUSE INTO THE LUXURY CLASS;
-- BUILDING MONEY AND MORTGAGE MONEY HAVE
A COMMON CASE OF SHORT SUPPLY;
-- THE PRICE OF MONEY, WHEN IT IS AVAILABLE,
IS A SERIOUS DETERRENT IN EITHER EVENT;
-- AND, TO TOP IT ALL OFF, YOU FACE A JUMBLE
OF OVERLAPPING -- OFTEN CONFLICTING --
CODES AND REGULATIONS PROVIDED BY BENEVOLENT
BUREAUCRACIES AT EVERY LEVEL OF GOVERNMENT.
STILL, YOUR OVERWHELMING PRESENCE AT THIS 68TH ANNUAL
CONVENTION SUGGESTS YOU RETAIN AT LEAST SOME OF YOUR ENTHUSIASM
FOR THIS OLDEST AND MOST HONORED FUNDAMENTAL OF AMERICAN
FREE ENTERPRISE.
MORE THAN THAT -- IT IS A POSITIVE DECLARATION OF THE
TENETS OF FAITH PUT FORWARD IN THE PREAMBLE TO THE REALTORS'
OWN STATEMENT OF POLICY,
FORD of LIBRARY GERALD
-3-
-- YOUR FAITH IN YOUR PROFESSION -- AND
-- YOUR FAITH IN THE FUTURE OF AMERICA.
WITH ALL OF THAT GOING FOR YOU, THE LAST THING YOU NEED
IS AN ADMINISTRATION SPOKESMAN UP HERE WAVING THE FLAG AND
SPOUTING "CHEER" LINES ON THE CHALLENGES AND OPPORTUNITIES
OF THE GLORIOUS DAYS AHEAD FOR THE FREE AND THE BRAVE.
Now, AS YOU UNDOUBTEDLY KNOW -- SINCE WASHINGTON'S THE
LAST PLACE TO TRY TO HARBOR A SECRET -- IT WAS LOUDLY RUMORED
DURING MY CONFIRMATION HEARINGS THAT HOUSING WAS NOT MY
SPECIALTY,
So MOST IMPORTANTLY HERE TODAY, I WANT TO THANK YOU AS
A GROUP -- AND THIS IS THE FIRST CHANCE I'VE HAD -- FOR THE
SUPPORT YOU GAVE MY NOMINATION IN SPITE OF THAT LOUD RUMOR.
AND, I'M PLEASED TO REPORT TO YOU THAT NOT BEING A so-
CALLED "HOUSING EXPERT" HAS A NUMBER OF UNIQUE ADVANTAGES,
-4-
FOR ONE THING, LIKE THE CHILD IN THE FABLE OF THE
EMPEROR'S CLOTHES -- I'M NOT EXPERT ENOUGH NOT TO QUESTION
THINGS THAT ARE HELD TO BE TRUTHS, SIMPLY BECAUSE A LOT OF
PEOPLE WANT TO THINK THAT THAT'S THE WAY THINGS ARE. FOR
ANOTHER, I AM NOT EXPERT ENOUGH TO KNOW ALL THE WAYS SOME
THINGS CANNOT BE DONE. AND, I CAN'T HELP THINKING THAT IF
ALL THE OLD WAYS OF DOING THINGS ARE THE BEST WAYS OF DOING
THINGS, ONE SIMPLY HAS TO BE AMAZED AT THE SHAPE OF THINGS
IN THE HOUSING INDUSTRY TODAY.
BUT, THIS I DO KNOW: OUR NATION CAN FIND THE KIND OF
EXPERTISE IT WILL TAKE IN INDUSTRIES LIKE YOURS TO. PROVIDE
DECENT HOUSING AND A SUITABLE LIVING ENVIRONMENT FOR EVERY
AMERICAN FAMILY.
I ALSO KNOW THAT WHAT YOUR INDUSTRY NEEDS AT THE SEAT
OF GOVERNMENT IS THE KIND OF THINKING THAT ENCOURAGES "YOU"
TO GET ON WITH YOUR JOB.
BECAUSE, THE PLAIN FACT IS THAT UNLESS YOU ARE ABLE TO
DO WHAT YOU HAVE TO DO -- THE WAY YOU KNOW BEST HOW TO DO IT
-- NOBLE INTENTIONS NOTWITHSTANDING, THE JOB WON'T GET DONE,
-5-
TAKE THE JOB AT HUD. IT IS INVOLVED WITH BUILDERS,
SELLERS, BUYERS, BROKERS, LENDERS, PLANNERS, CONSUMERS,
AND GOVERNMENT OFFICIALS -- AND THE MULTI-FACETED ISSUES
AND PROBLEMS OF THESE SPECIAL INTEREST GROUPS SURROUND IT.
BUT IT ALL BOILS DOWN TO ONE BASIC CONCERN.
THERE ARE 16 MILLION AMERICANS LIVING IN SLUM-LEVEL
HOUSING -- AND IT'S HUD's JOB TO DO SOMETHING ABOUT IT.
Now, IF YOU TOOK HUD's ENTIRE BUDGET FOR ANY GIVEN
YEAR AND SPREAD IT AROUND IN CASH HAND-OUTS TO EVERYBODY
WHO NEEDED A DECENT HOUSE -- IT WOULDN'T EVEN MAKE A
DECENT DENT.
As IT IS, HUD-SUBSIDIZED AND HUD-INSURED HOUSING
ONLY ACCOUNT FOR A SMALL PERCENTAGE OF THE CURRENT TOTAL
BUILDING ACTIVITY -- AND THAT INCLUDES MOBILE HOMES.
GENALD
-6-
CONSIDERING THE MAGNITUDE -- AND MULTITUDE -- OF
HUD's ULTIMATE MISSION, THE OBVIOUS SOLUTION TO HOUSING
THE NATION MUST LIE IN THE HANDS OF PRIVATE INDUSTRY --
BUT NOT OVERLY ENCUMBERED BY GOVERNMENT REGULATION.
AND THAT IS A PROBLEM TODAY. THERE ISN'T A COMMERCIAL
ENTERPRISE IN THIS LAND OF THE "FREE" THAT DOESN'T HAVE
MORE GOVERNMENT ON ITS BACK THAN IT CAN COMFORTABLY HANDLE
-- AND, ALL TOO OFTEN, MORE THAN IS NECESSARY TO ACCOMPLISH
THE INTENDED PURPOSE.
FOR THE GOVERNMENT ISN'T A WELL FOR INDUSTRY. IN
FACT, IT ISN'T EVEN A VERY PRACTICAL PUMP, GOVERNMENT
DECISIONS SIMPLY CANNOT REPLACE CAREFUL, WELL THOUGHT-OUT
BUSINESS JUDGMENTS MADE BY THOSE WHO LIVE BY AND ENJOY
THE BENEFITS OF AMERICAN FREE ENTERPRISE.
WHAT THE GOVERNMENT SHOULD DO -- AND WHAT IS DOES
BEST -- IS TO USE ITS POWERS AND THE TAXPAYERS' MONEY
JUDICIOUSLY TO HELP "PRIME THE PUMP" AND LET PRIVATE INDUSTRY
TAKE IT FROM THERE.
GERALD
-7-
TAKE THE DESIRE TO EXPAND HOMEOWNERSHIP, WHICH IS AN
OBVIOUS GOAL OF THE REALTORS -- AND OF THE NATION.
THE FAMILY WHO OWNS ITS OWN HOME HAS AN INCENTIVE TO
TAKE AN ACTIVE ROLE IN THE DECISIONS WHICH SHAPE ITS NEIGHBORHOOD,
ITS COMMUNITY, ITS SCHOOLS, AND CHURCHES, BECAUSE THE FAMILY
HAS A REAL INVESTMENT IN A STRUCTURE, IT ALSO HAS AN INVEST-
MENT IN ITS ENVIRONMENT.
THOSE SAME FAMILY MEMBERS AS RENTAL TENANTS MIGHT WELL
CLASSIFY AS "GOOD NEIGHBORS", BUT OTHER THAN SOCIAL PRESSURE,
THEY HAVE NO PERMANENT INCENTIVE TO BE SUCH.
HOMEOWNERSHIP PROVIDES A SENSE OF IDENTITY, OF ROOTS
AND OF SECURITY, WHICH IS THE STUFF FROM WHICH NEIGHBORHOODS
ARE MADE AND WHICH PROTECT AGAINST SOCIAL ALIENATION.
FINALLY, HOMEOWNERS HAVE A SHARE IN THE NATION'S
ECONOMIC GROWTH, AND HENCE A HEDGE AGAINST INFLATION.
-8-
IN ORDER TO MAINTAIN THESE BENEFITS OF HOMEOWNERSHIP,
OVER THE PAST TWO YEARS, WHEN PRIVATE FUNDS BEGAN INVESTING
IN AREAS OTHER THAN RESIDENTIAL MORTGAGES, THIS ADMINISTRATION
MOVED DECISIVELY TO ENLARGE THE SUPPLY OF REASONABLY PRICED
MORTGAGE MONEY,
OVER THE PAST 22 MONTHS, HUD -- UNDER ITS SO-CALLED
"TANDEM PROGRAM" -- HAS OFFERED TO BUY $15.5 BILLION WORTH
OF MORTGAGES -- THAT BEAR INTEREST BELOW THE MARKET RATE.
TODAY, THE TANDEM RATE IS 7-1/2 PERCENT IN A MARKET
THAT CALLS FOR ABOUT 9 PERCENT ON SINGLE-FAMILY MORTGAGES.
ON A $35,000 MORTGAGE, THE "TANDEM" BORROWER SAVES
ABOUT $20 IN INTEREST CHARGES PER MONTH -- OR ABOUT $9,500
OVER THE LIFE OF THE MORTGAGE,
HUD SELLS THESE MORTGAGES INTO THE MARKETPLACE -- so
THAT THE GOVERNMENT'S ACTUAL EXPENDITURE IS THE DIFFERENCE
BETWEEN THE PURCHASE AND SALE'S PRICE -- NOT $15.5 BILLION.
THIS PROGRAM WILL HELP MORE THAN 500,000 HOMEBUYERS,
-9-
THIS KIND OF USE OF THE TAXPAYERS' MONEY EXPANDS
HOMEOWNERSHIP OPPORTUNITY AND HELPS THE HOUSING INDUSTRY.
BUT, IT ALSO HELPS TO AVOID AN OLD HAZARD IN THAT IT DOES
NOT FEDERALIZE HOUSING.
THE SAME BASIC LOGIC APPLIES TO HUD's HOMEOWNERSHIP
SUBSIDY PROGRAM -- WHICH I REACTIVATED IN SUBSTANTIALLY
REVISED FORM ABOUT THREE WEEKS AGO.
THIS PROGRAM WILL NOT ONLY EXPAND HOMEOWNERSHIP
OPPORTUNITY FOR LOWER INCOME FAMILIES, BUT IT WILL HELP
GET THE HOUSING INDUSTRY MOVING AGAIN,
As YOU PROBABLY KNOW, PRESIDENT FORD HAS AUTHORIZED
ME TO RELEASE $264.1 MILLION THAT HAD BEEN IMPOUNDED EARLY
IN 1973.
IN RELATION TO NATIONAL NEEDS, $264.1 MILLION ISN'T
FORT KNOX, BUT IT WILL SUBSIDIZE MORE THAN 250,000 UNITS
OF LOW-COST HOUSING, GENERATE MORE THAN $6-1/2 BILLION
IN CONSTRUCTION ACTIVITY, AND CREATE MORE THAN 500,000
NEW CONSTRUCTION JOBS.
-10-
THE AVAILABILITY OF AFFORDABLE HOUSING AT THIS LEVEL,
WHERE THERE IS GREAT DEMAND, CREATES "MOVEMENT" AND BUILDS
MARKET "FUTURES" -- WHICH ARE ESSENTIAL TO THE ECONOMIC
HEALTH OF THE HOUSING INDUSTRY AND THE REAL ESTATE BUSINESS.
BUT, WE USE THESE PROGRAMS WITH A VERY SHARP EYE ON
THE NATION'S TOTAL ECONOMY, OUR AIM IS TO STIMULATE
PRIVATE INDUSTRY, NOT TO REPLACE IT.
WE KNOW THAT EXCESSIVE USE OF FEDERAL "STIMULANTS"
COULD BE THE DEATH OF OUR PATIENT -- BY REQUIRING GREATER
TREASURY BORROWING WHICH WILL DRIVE UP THE COST OF MORTGAGE
MONEY AND DRIVE AWAY EVEN MORE HOMEBUYERS. AND THAT IS
WHY PRESIDENT FORD IS URGING A STOP TO UNCONTROLLED GROWTH
OF GOVERNMENT SPENDING, AND THAT IS WHY HE IS URGING THAT
WE PUT A LID OF $395 BILLION ON THE FEDERAL BUDGET FOR THE
COMING FISCAL YEAR.
AND THE FACT IS THAT PRESIDENT FORD'S PLAN FOR ECONOMIC
RECOVERY IS WORKING, ALL THE INDICIA ARE POSITIVE. ALTHOUGH
HOUSING HAS LAGGED MORE THAN OTHER SECTORS OF THE ECONOMY,
NOW ITS RECOVERY IS REAL.
FORD
GERALD
-11-
MEASURED IN TERMS OF STARTS, THE GRAPH SHOWS A 40
PERCENT IMPROVEMENT SINCE THE FIRST OF THE YEAR. THE
PROGRESS IS MUCH MORE DRAMATIC WHEN MEASURED IN TERMS
OF SALES OF EXISTING HOMES. AUGUST WAS A BOOMING MONTH,
BUT SEPTEMBER OVERTOOK IT, MARKING THE MOST ACTIVE MONTH
OF SALES OF EXISTING HOMES SINCE RECORDS STARTED TO BE
KEPT MORE THAN A DECADE AGO.
I DIDN'T COME HERE TO "SELL" YOU ON HUD PROGRAMS
TO HELP INVIGORATE THE HOUSING INDUSTRY, BUT THE WAY
IN WHICH WE PUT THEM TO WORK HELPS TO ILLUSTRATE THIS
ADMINISTRATION'S VIEWPOINT -- AND, CERTAINLY MINE --
OF THE BENEFITS OF PUBLIC SECTOR-PRIVATE SECTOR PARTNERSHIP.
By PARTNERSHIP, I MEAN ONE THAT TALKS AND LISTENS
ON A REGULAR BASIS AND ONE THAT WORKS TOGETHER ON COMMON
PROBLEMS.
WHERE WE HAVE HAD THAT INTERCHANGE, WE HAVE FOUND
SOLUTIONS, WHERE WE HAVE NOT, WE HAVE COMPOUNDED THE
PROBLEMS,
TAKE OUR APPROACH TO CONDOMINIUM REGULATION WHICH
ILLUSTRATES HOW AN INTERCHANGE CAN LEAD DIRECTLY TO
SOLUTIONS,
-12-
As YOU KNOW, WE CONDUCTED A YEAR-LONG STUDY. DURING
ITS COURSE WE TALKED TO MANY REPRESENTATIVE REALTORS AND
HELD HEARINGS AROUND THE COUNTRY AT WHICH YOU AND YOUR
CLIENTS TESTIFIED. You HELPED US TO IDENTIFY ABUSES --
SOME OF THEM EXTREMELY SERIOUS -- BUT MOST OF THEM NOT
COMMON ENOUGH ON A NATIONAL SCALE TO WARRANT HEAVY FEDERAL
REGULATION.
IT WAS ON THE BASIS OF THAT STUDY THAT IN SEPTEMBER
I TESTIFIED BEFORE THE SENATE BANKING COMMITTEE THAT
FEDERAL REGULATION SHOULD BE MINIMAL. I FAVOR LEAVING
DETAILED REGULATION OF LOCAL CONDOMINIUM DEVELOPMENT TO
THE STATES WHICH ARE BEST EQUIPPED TO TAILOR REGULATORY
LAWS TO LOCAL CONDITIONS.
WHILE I SUPPORT A SINGLE AND UNIFORM 8-POINT DISCLOSURE
REQUIREMENT WHICH WOULD PROTECT THE CONSUMER AND RELIEVE
THE DEVELOPER NOW BESEIGED WITH A MULTITUDE OF CONFLICTING
REGULATIONS, I OPPOSE CREATING A NEW FEDERAL BUREAUCRACY
AND I WOULD LEAVE ENFORCEMENT TO THE PARTIES AND TO THE
STATES,
WE DON'T NEED ANOTHER EXPERIENCE LIKE RESPA.
FORD
-13-
Now, THERE IS AN EXAMPLE OF REGULATIONS WELL-
INTENTIONED IN CONCEPT BUT UNREALISTIC IN IMPLEMENTATION
--- AND WHICH DESPERATELY NEED A RE-WRITE,
AND, THERE IS AN EXAMPLE OF REGULATION ENACTED INTO
LAW -- WITHOUT THE NECESSARY INTERCHANGE OF IDEAS ON THE
PROBLEMS ADDRESSED OR THE SOLUTIONS FASHIONED. As A RESULT,
WHAT STARTED OUT TO CURB THE ABUSES OF A FEW, ENDED UP
STIFLING THE LEGITIMATE OBJECTIVES OF THE MANY.
BUT, IT IS NOT ONLY IN THE REGULATORY AREAS THAT WE
HAVE COMMONALITY. AFTER-ALL, HUD IS ONE OF YOUR MAJOR
CLIENTS. IN 1975, HUD SOLD ALMOST 64,000 SINGLE-FAMILY
HOMES AND ALMOST 10,000 MULTI-FAMILY UNITS. MOST OF
THOSE SALES WERE MADE WITH THE ASSISTANCE OF RELATORS,
EACH SALE MEANT NOT ONLY A CASH RETURN TO THE GOVERNMENT
OF WHICH WE ARE ALL MEMBERS, BUT MORE PAROCHIALLY PUT IN
PRESENT COMPANY, AN HONEST-TO-GOODNESS COMMISSION. IT ALSO
MEANT AN OPPORTUNITY FOR HOMEOWNERSHIP TO A FAMILY AND A
STEP TOWARD IMPROVING A NEIGHBORHOOD BY FILLING A VACANT
HOUSE.
-14-
WE ARE A SATISFIED CUSTOMER, BUT WE WOULD LIKE YOU
TO BE EVEN MORE ENERGETIC. To ENCOURAGE YOU, WE HAVE
RECENTLY CHANGED OUR RULES ON REALTORS' COMMISSIONS TO
ALLOW FOR MORE FLEXIBLE NEGOTIATED RATES.
OUR PROPERTY DISPOSITION PROGRAM REPRESENTS AN AREA
WHERE GOVERNMENT AND PRIVATE INDUSTRY SHOULD WORK TOGETHER.
Look AT OUR PROPERTIES; GIVE US THE BENEFIT OF YOUR
EXPERIENCE IN MARKETING THEM. DOING so WILL BENEFIT
EVERYONE; THE UNITED STATES TREASURY, YOU, HUD, THE COMMUNITY
--- AND NOT LEAST OF ALL, THE FAMILY.
WHEN WE TALK OF BENEFIT TO THE FAMILY, I DON'T THINK
THERE'S ANYBODY IN THIS ROOM WHO ISN'T PLEDGED TO THE
HEALTH, WELFARE, AND GOOD WILL OF THE AMERICAN CONSUMER.
You'd HAVE NO REASON TO PUT UP YOUR SIGNS IF YOU
WEREN'T. AND, YOU HAVE DEMONSTRATED YOUR CONCERN WITH
YOUR NEW HOME PROTECTION WARRANTY PROGRAM WHICH IS NOW
OPERATING IN 16 METROPOLITAN AREAS, ALTHOUGH YOUR PROGRAM
ONLY STARTED FOUR MONTHS AGO, YOU ALREADY HAVE WARRANTED
SOME 3,000 EXISTING HOMES. I CONGRATULATE YOU,
-15-
Loss OF CONSUMER CONFIDENCE IS A MAJOR ISSUE TODAY.
IT HURTS THE HOUSING INDUSTRY ALONG WITH EVERYTHING ELSE.
WE CAN'T PUT A SUBSTANTIAL STATISTIC ON IT. BUT IT'S THE
X FACTOR IN THIS NATION'S ABILITY TO WEATHER THE PRESENT
ECONOMIC HURRICANE, AND, YOUR EFFORTS GO A LONG WAY IN
PROVIDING A BASIS FOR REVIVING THAT MUCH NEEDED CONFIDENCE.
RIGHT NOW, THE ESTABLISHMENT OF A BRAND NEW FEDERAL
CONSUMER AGENCY HAS VOCAL SUPPORT OF THE MAJORITY OF BOTH
HOUSES ON CAPITOL HILL.
MY VERY GREAT PREFERENCE IS TO HAVE OUR EXISTING
DEPARTMENTS AND AGENCIES CARRY OUT THEIR RESPONSIBILITIES
TO CONSUMERS. THEY KNOW THEIR PROGRAMS, WE DON'T NEED
ADDITIONAL BUREAUCRACY. WE NEED ADDITIONAL RESPONSIBILITY,
ONE OF MY FIRST STATED PRIORITIES AT HUD WAS TO GET
A CONGRESSIONALLY LEGISLATED CONSUMER AFFAIRS DIVISION
-- WITH TEETH -- UNDER A FULL RANKING ASSISTANT SECRETARY
-- TO ASSIST OUR CONSTITUENTS - -- THE AMERICAN PUBLIC.
THE AMERICAN "PUBLIC" MEANS JUST THAT: "ALL" OF THE
PEOPLE, REGARDLESS OF RACE, COLOR, RELIGION OR SEX,
-16-
HERE AGAIN, WE HAVE AN IMPORTANT AREA OF COMMONALITY,
AND AGAIN, I CONGRATULATE YOU FOR APPROVING LAST NIGHT A
NATIONAL AFFIRMATIVE MARKETING AGREEMENT WHICH YOU DEVELOPED
WITH OUR OFFICE OF FAIR HOUSING AND EQUAL OPPORTUNITY. THIS
NATIONAL AGREEMENT MOVES US CLOSER TO THE NATIONAL GOAL OF
FAIR HOUSING.
UNDER THIS AGREEMENT, WE CAN COUNT ON YOU TO:
-- ESTABLISH GUIDELINES THAT WILL ASSURE THAT
MINORITY CLIENTS ARE GIVEN ACCURATE INFORMATION
ON AVAILABLE HOUSING OPPORTUNITIES;
-- SEEK TO EDUCATE REALTORS IN THE MEANING AND
IMPORTANCE OF FAIR HOUSING;
-- REQUIRE YOUR MEMBERS TO DEMONSTRATE THEIR
COMMITMENT TO FAIR HOUSING IN THEIR ADVERTISING;
AND
-- ESTABLISH AFFIRMATIVE GOALS FOR ATTRACTING
TALENTED MINORITIES INTO THE REAL ESTATE
INDUSTRY.
FORD
-17-
THIS AGREEMENT IS AMERICAN DEMOCRACY IN ACTION. IT
IS ONE MORE DEMONSTRATION THAT THE GOVERNMENT CAN DO FAR
BETTER BY HARNESSING THE VOLUNTARY COOPERATION OF THE
PRIVATE SECTOR THAN IT CAN BY ENCUMBERING IT IN COMPLEX
REGULATION AND IMPOSSIBLE POLICING.
I HAVE ANOTHER THOUGHT I'D LIKE TO LEAVE WITH YOU,
GLANCING OVER YOUR CONVENTION PROGRAM, I NOTICED THAT
YOU HAD A SESSION YESTERDAY MORNING ON "PUTTING THE SIZZLE
IN THE SELL".
THE FACT IS THAT REALTORS ARE SITTING ON THE GREATEST
BIT OF SIZZLE SINCE ELMER WHEELER COINED THE PHRASE FOUR
DECADES AGO,
FOR TOO LONG NOW, THE EMPHASIS IN NEWS REPORTS AND
REAL ESTATE COLUMNS HAS BEEN ON THE COST OF MORTGAGE LOANS
-- UNDER-EMPHASIZING THE MOST IMPORTANT POINT OF ALL.
THE FACT IS, THAT EVEN AT TODAY'S MORTGAGE INTEREST
RATES, HOMEOWNERSHIP IS STILL THE BEST INVESTMENT IN THE
MONEY MARKET,
AUVUSIT MARNED P. FORD
-18-
WHEN YOU REALTORS SELL A HOME, YOU'RE NOT JUST MAKING
AMERICA'S OLDEST DREAM COME TRUE -- YOU'RE SELLING LONG-
RANGE BENEFITS THAT SIZZLE WITH OPPORTUNITY. THE PROPERTY
NOT ONLY APPRECIATES WITH EVERY PASSING YEAR -- BUT EVERY
DOLLAR PAID OFF THE PRINCIPAL, IS ANOTHER DOLLAR INVESTED
IN THE FUTURE,
THE MONTHLY MORTGAGE IS NEVER AN EASY THING FOR THE
AVERAGE FAMILY, BUT IN ASSUMING THAT OBLIGATION, MR. AND
MRS. HOMEBUYER ENTER INTO A CONTRACT OF FORCED INVESTMENT
THAT THEY MIGHT NEVER MAKE -- OR BE ABLE TO SUSTAIN --
IN ANY OTHER INVESTMENT MEDIUM.
IT IS UP TO EVERYBODY IN THE HOUSING INDUSTRY -- AND
ALL OF US IN GOVERNMENT WHO ARE INVOLVED WITH HOUSING --
TO MAKE SURE THIS MOST BASIC AMERICAN RIGHT AND OPPORTUNITY
REMAINS FREE AND STRONG.
IT MAY BE YOUR SIZZLE --- BUT IT'S AMERICA'S STAKE!
THANK YOU.
FORD