New Braunfels Herald Zeitung, October 4, 1994, Page 7

New Braunfels Herald Zeitung

October 04, 1994

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Issue date: Tuesday, October 4, 1994

Pages available: 10

Previous edition: Sunday, October 2, 1994

Next edition: Wednesday, October 5, 1994

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Publication name: New Braunfels Herald Zeitung

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New Braunfels Herald Zeitung (Newspaper) - October 4, 1994, New Braunfels, Texas Federal court won’t let Texas enforce homestead exemption law By RICHARD CARELU Associated Press Writer WASHINGTON (AP) — The Supreme Court today refused to let Texas enforce its state “homestead exemption” law barring some types of liens or mortgages on people’s primary residences. But the ruling should have no immediate effect due to a new federal law. The justices, without comment, let stand a ruling that said the state law is pre-empted by federal regulation of the savings and loan industry. However, a provision in the new interstate banking law signed by President Clinton last week rendered the federal court decision toothless. Texas Rep. Henry B. Gonzalez, a San Antonio Democrat and chairman of the House Banking Committee, added the provision overturning the 5th U.S. Circuit Court of Appeals decision, which had sought to give Texans the opportunity to obtain home equity loans. The state law at issue protects, with few exceptions, the foreclosure and forced sale of property designated as a homestead. The exceptions are for those mortgages or liens created to purchase, build improvements or pay property taxes on the home. The exemption cannot be waived. But the Texas law has certain drawbacks for homeowners, who cannot obtain home-equity loans for such purposes as a child’s education or to supplement retirement income. Under the law, the alternative for Texas homeowners is obtaining unsecured loans. Such loans generally arc more expensive, and homeowners cannot deduct those interest payments from their federal income taxes. First Gibraltar Bank and Beneficial Texas Inc., challenged the Texas law over two types of home-secured loans it barred. They are a “reverse annuity mortgage” (RAM) and the “line of credit conversion mortgage.” A RAM provides for periodic payments from the lender to the borrower, with the loan being secured by the borrower’s equity in a home. The line of credit conversion mort gage is a type of RAM in which the lender is given a line of credit and may receive payments on demand rather than regularly scheduled payments. The two S&Ls that challenged the Texas law argued that federal laws allowing such lending should trump the state’s prohibition. A federal judge ruled against the thrifts, but the 5th U.S. Circuit Court of Appeals last April reversed that ruling. The appeals court said two federal laws, the Home Owners Loan Act and the Parity Act, allow the federal Office of Thrift Supervision to pre-empt the Texas law. In the appeal acted on today, lawyers for the state said the appeals court ruling gave too much deference to the Office of Thrift Supervision’s interpretation of the two federal laws. The April ruling “threatens to alter the balance of federal-state powers,” the appeal said. The Texas appeal was supported in a fricnd-of-the-court brief submitted by three other states — Idaho, Indiana and Louisiana.Ah Keeping an eye on Texas Most Texas regions experience employment growth by 1993 ■ mployment figures show Texas jobs increased an average of 1.9 percent each year from 1983 to 1993. Jobs in the Central Texas region grew the most, 3.4 percent, followed closely by the Upper Rio Grande, 3.2 percent. Fewer jobs were available in Northwest and West Texas—areas of the state that were more dependent on the oil and gas industry. The number of jobs in mining, which includes oil and gas exploration and production, declined statewide. Most of the state saw the largest percentage increase in the service industry, as well as in agriculture, forestry and fisheries. Region 1 High Plains J I 2 Northwest Texas -0.3' Average annual percent change, 1983-1993 Economic regions 3 Metroplex 4 Upper East Texas 5 West Texas -0J 6 Central Texas 7 Southeast Texas 8 Upper Rio Grande 9 South Texas 10 Gulf Coast Employment by industry High Plains Region, Average annual percent change 1983-1993 — North-    Upper    South-    Upper west    Metro-    East    West    Central    east    Rio    South Texas    ptex    Texas    Texas    Texas    Texaa    Grande    Texas Gulf Coast State Avg. Agriculture, forestry, fisheries 5.6 5.8 6.2 7.3 8.9 8.2 4.1 8.0 .1.7 3.6 4.6 Mining -5.9 -8.1 -3.4 •3.4 -5.2 •3.9 -9.3 -9.7 -5.4 -3.8 •4.5 Construction •2.6 -3.9 •2.7 -2.8 -5.3 -1.3 0.8 •0.1 -1.3 -1.5 -1.8 Manufacturing Transportation, communications, -1.2 •1.7 0.2 0.2 -2.4 3.2 •1.1 2.4 0.4 •0.2 0.1 public utilities -0.7 -1.1 4.4 -0.7 •3.2 2.5 -1.4 2.1 3.3 14 2.2 Wholesale trade -1.5 -2.7 0.9 •0.8 -1.6 0.9 *1.0 2.0 -0.1 -0.7 02 Retail trade -0.1 •0.1 2.4 1.6 •o.e 2.9 0.9 3.4 2.7 1.6 2.0 Finance, insurance, real estate •1.4 •2.4 1.9 -0.3 -3.0 2.4 •2.4 0.3 1.7 -0.6 0.8 Services 3.5 3.1 5.6 4.6 2.5 6.3 4.3 5.7 5.3 4.2 5.0 Government 1.8 1.5 3.3 2.0 2.2 3.3 2.1 3.4 2.6 2.7 2.8 Total OJA •OJ 24 1.3 -0 A 3.4 0.9 U 24 1.3 1.9 SOURCES: John Sharp. Texas Comptroller of Public Accounts and Texas Employment Commission. Locally 625-9144 The Marketplace Metro 606-0846Classified user guideAdvertising Deadlines All display ads 3 pm two days prior to publication All line ads: Tuesday thru Friday publications is 1 pm day before. Sunday publication is 1 pm Friday.Office Hours Monday thru Friday 8 am to 5:30 pmAdvertising Policy New Braunfels Herald-Zeitung will not be responsible for more than one incorrect insertion. We will extend your advertisement only one time to make good on the incorrect insertion. Advertisers are advised to check the first insertion of their ad for possible errors. Upon cancellation of prepaid advertisements no refunds or credits will be issued. Antiques .....................................220 Antique Automobiles ...........106 Apts/Duplex For Rent .............315 Appliances..................... 230 Auctions ..................................400 Automobiles................................100 Automobile Supplies................IX Aviation    125 Boats & Supplies ............... 120 Building Materials.......240 Business Opportunities ......210 Commercial Property for Rent    310 Commercial Property for Sale ..    .360 Cards of Thanks ................... 415 Car Pool    215 Condos/T ownhomes 1or Rent    320 Condos/Townhomes for Sale ...    350 Classification Index Duplexes/Apts for Sale ............353 Education.........................206 Farm Equipment ................135 Farmers Market ........................255 Farms/Ranches for Rent............356 Farms/Ranches for Sale    355 Feed/Seed/Plants ................250 Financial.................. 270 Free Give Aways    .249 Furniture....................................235 Garage Sales    225 Heavy Equipment......................136 Help Wanted............................. 200 Homes for Ren. ........................3X Homes for Sale......................345 Hunting Leases ................300 Investment Property for Sale 385 Jobs Wanted............................205 Lake Property for Sale    370 Legal/Public Notices    4X Livestock/Horses ...............245 Lost & Found..............................410 Lots & Acreage for Rent    374 Lots & Acreage for Sale    375 Misc tor Sale.......................... 260 Mobile Homes for Rent    325 Mobile Homes for Sale ..........365 Mobile Home Sites for Rent    366 Mobile Home Sites for Sale    363 Motorcycles................................115 Office space for Rent    311 Personals .............................. 405 Pets/Supplies For Sale................248 Portable Buildings......................140 Pre-cut Homes............................344 Real Estate Financing................343 Real Estate Wanted....................3X Resort Property for Sale . 376 Restaurant Equipment................211 River Properly for Sale..............373 Roommate Wanted ........305 Rooms For Rent.........................314 R.V s.......................  110 Services...................................440 Storage Space for Rent..............312 Trucks/Vans................................105 Wanted to Buy.......................... 265 Wanted to Rent...........................340 WE NEED OLD PICTURES for New Brau nfels and Comal Coil nty, Texas Pictorial History Book! If you have any pictures of New Braunfels and Comal County, Texas that can be identified to have been taken from the 1800s to present, we would like for you to loan them to the New Braunfels Herald-Zeitung for printing in the history book in conjunction with New Braunfels sesquicentennial. Please mail in your photos with information attached (who, where, when and what is going on). Or drop by the New Braunfels Herald-Zeitung and fill out a photo information form for pictures to be submitted. Be sure to place your name, address and phone number on the back of each photo so it can be returned after the book is completed. If you have any questions concerning submitting photos, just call the New Braunfels Herald-Zeitung at 210-625-9144. SAVE $10.00 I ii st 50(1 to order receives discount \lnr pit I) I icat ion price $29.95 + $2.32 tax You need not purchase a book to have your photographs considered for publication in this book. ______BL    ANIUX18ESEB.YE    XQU&CQEY______ Please enter my order for: A Pictorial History of New Braunfels and Comal County, Texas . copy(s) STANDARD EDITION « $19.95 + $1.55 tax copy(s) LIMITED EDITION ® $75.00 ♦ $5.81 tax Q I am enclosing payment in full. NAME I ADDRESS CITY STATE ZIP L O I am enclosing $10.00 deposit per STANDARD, and/or $25.00deposit per LIMITED EDITION. PHONt Balance due when book is picked up or before shipment. □ Please ship my book(s) to the address at right. I have enclosed an additional $5.00 for each book to be shipped. mail TO? New Braunfels Herald-Zeitung 707 Landa Street New Braunfels, Texas 78131-1328 Phone: 210-625-9144 & j. Your GIFT reached people like never before. YOUR DONATION TO YOUR UNITED WAY MADE A LASTING IMPACT IN THE LIVES OF THE NEEDY AND IN THE HOPES OF YOUR COMMUNITY. THANK YOU FOR BEING ONE OF OUR HELPING HANDS. Reaching those who need help. Touching us all. United Wfcy Dr. Mitchell J. Sacco is pleased to announce the association of Dr. Edward M. Wuensch for the practice of general dentistry at 457 Landa, Ste. I. New Braunfels, Texas 625-4313 Our office schedule has been expanded i    for our patient's convenience.    / ..... James Bartay, M.D. Practice el Femlly Medicine 11 years experience Accepting New Patients Medicare, Medicaid end Private Pay Staff Privilagae at McKenna Hospital Phons 620-0956 457 Landa, New Braunfels! Tx ‘Deborah Stokes, INTERNAL MEDICINE Mew Patients Welcome Medicare Assignment Accepted No Referral Necessary OB MJP H . 264 We*) I Mill st. (210)629-2040 New Brmunfel: ».TX. . FALL AND CEDAR ALLERGY SUFFERERS Do you hay* a runny no,a#, snoozing, or Itchy oyoo during fall or winter ?1f so, wo nood vo I un tsars for ollorgy roooorch studios Involving Invsstlgstlonsl drugs. Skin toots, monitoring by s Board Csrtlfisd Allergist, and lab toots providsd st no cost. Participants will bs paid up to $150. CHROMIC ASTHMA SUFFERERS Do you taka asthma mad leat ion slihsr dally or occasionally? lf so, you may ba sllglbls for an asthma rsssarch study using an Invastlgatlonal mad (cation. Lab tasting, physician monitoring, providsd at no charge. You will also ba paid up to $450. 705-A Lend* CENTRAL TEXAS HEALTH 029-9036    RESEARCH New Braunfels ;

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