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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Dec 20, 1982
Page
2
Falling rates led by FHA spurred buyers and builders, signaling a broader economic recovery. The administration pressed Congress to raise insured FHA loan ceilings from 35 to 45.9 billion for the year, amid applications topping 1 million last month and renewed urgency from the president.
The article outlines HUD actions to raise FHA mortgage insurance limits, with Samuel R. Pierce Jr. defending the move as boosting homeownership, while critics argue continued support for FHA is uncertain. Industry figures like Mark J. Riedy question why limits exist as some officials hint at dismantling FHA, and projections for 800,000 FHA applications are noted alongside past cautions from Budget Director Stockman.
Former CIA agent Edwin Wilson was sentenced in Alexandria to 30 years and fined $200,000 after conviction on smuggling arms to Libya. Judge Richard L. Williams described his actions as a very sophisticated arms scheme, with seven charges carrying up to 39 years.
Federal offices faced a partial shutdown as non-essential workers might be sent home if a budget bill failed. IRS, Social Security, and Weather Service staff weighed essential status while talks continued over a catch-all funding measure. Reagan signaled a veto on emergency provisions.
Odessa area weather outlook shows warmer conditions with highs in the mid 70s and fair skies. Overnight lows will be upper 30s with winds from 10 to 15 mph. Extended forecasts indicate generally fair weather across West Texas and North Texas with mild to warm temperatures through Friday.
Spending communications commission confirms no licenses meetings or hearings during the shutdown. Congress and Reagan still wrangle a stopgap spending plan as essential government activities run on, while MX missile funds face removal and deployment decisions.
Officials describe the process for condemning derelict properties, noting many cases never reach the Board of Survey or end up resolved in the field. Since 1975, 800 to 900 cases were started, with final disposal resting with the City Council. A May 1981 settlement paid to Odessa residents followed a demolition error.
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