FHA Mortgages Headed for Overhaul in 1982
LAS VEGAS The Reagan administration announced a planned overhaul of FHA mortgages in 1982. A new floating rate FHA loan would mirror ARM products from S LAs and banks, while fixed-rate FHA loans might remain but without government-set rates. The plan could also make government-insured loans nonassumable. HUD will host a February Washington conference to discuss pension-fund mortgage investments, with about 600 billion in assets.
MENTIONED IN THIS ARTICLE
Las Vegas
Reagan Administration
HUD
Samuel R. Pierce Jr
National Association of Home Builders
Savings and Loan Associations
Pierce
Financial Institutions
NAHB
Washington, D.C
Dollar Gains Across Markets As Tokyo Trades Thin
The dollar rose against major currencies on world money markets, hitting a 242 month high against the yen in Tokyo before the Bank of Japan intervened. Gold prices fell while London rates showed the pound and other currencies slipping. Corporate bond offerings loom as New York Electric & Gas plans $50 million in bonds due 2012, with Merrill Lynch handling stock sales. Excise tax hikes draw industry protests amid budget- deficit concerns. New machine tool orders dropped sharply, signaling weak manufacturing data.
MENTIONED IN THIS ARTICLE
U.S
Tokyo
Bank of Japan
Singapore
Hong Kong
London
New York
Europe
Handy and Harman
Zurich
Handy & Harman
New York State Electric & Gas Corp
Salomon Brothers
Merrill Lynch
Deregulation of S&Ls Moves Slowly Amid Debate
Washington AP reports the Depository Institutions Deregulation Committee drags its feet on lifting interest rate ceilings. Regulators like Regan and Volcker support deregulation, but S&Ls fear higher rates could push them out of business, sparking court fights and delayed actions through 1981 to 1982.
MENTIONED IN THIS ARTICLE
Washington
Congress
Depository Institutions
Treasury
Donald T. Regan
Federal Reserve
Paul 4. Volcker
Savings and Loan
S&ls
DIDC
U.S. League of Savings Associations
Regan
U.S. League
William Isaac
Federal Deposit Insurance Corporation
Isaac
Richard Pratt
Federal Home Loan Bank Board
Beer price war looms as Schlitz faces 1982 83 losses
Milwaukee based Schlitz Brewing Company chief executive Frank Sellinger warns of a blood year ahead as Anheuser Busch and Miller increase capacity. Schlitz posts a nine month loss of 21.8 million with 257.5 million sales, while Heileman rises and Pabst loses ground. Sellinger vows to defend market share.
MENTIONED IN THIS ARTICLE
New York Times
Milwaukee
Joy Schlitz Brewing Co
Frank J. Sellinger
Anheuser-Busch Inc
Miller Brewing Co
Schlitz
Sellinger
Justice Department
G. Heileman Brewing Co
Sei- Inger
Pabst
Anheuser-Busch
St. Louis
United States
Miller
Philip Morris Inc
Jos. Schlitz Brewing Co
Heileman
Schlita
Talks resume on UAW concessions with GM by deadline
Auto workers and General Motors near a midnight Thursday deadline to reach a concessions package. The UAW GM bargaining council voted 57 to 43 to resume talks, while Ford's bargaining council extended talks with no set deadline. Fraser warned of a final chance, urging wage and benefit cuts to compete with foreign makers as sales slump.
MENTIONED IN THIS ARTICLE
Detroit
United Auto Workers Union
General Motors Corp
UAW
Douglas Fraser
Washington
Ford Motor Co
Ford
Ford Council
GM Council
Fraser
Chicago
General Motors Council
Pete Kelly
Warren
Mich
Kelly
General Motors
Office at home deduction rules clarified by tax court ruling
Tax rules for deducting a home office are strict but noted as more liberal occasionally. A 1981 Tax Court decision clarified that a separate part of a room used exclusively and regularly as an office can qualify even if not the entire room is dedicated.
MENTIONED IN THIS ARTICLE
Tax Court
Internal Revenue Service
IRS
IRS backs home office deductions and rental rule changes
The 1981 IRS shift allows a home office to be the principal place of business for a sideline, enabling deductions. Revisions also treat related party rentals as deductible outside rentals, retroactive to post 1976, with potential refunds. extended replacement period for deferred home sale gains to two years. Tomorrow: Business Auto Expenses.
MENTIONED IN THIS ARTICLE
IRS
Congress
Revenue Service
Also Mentioned on This Page
Michael Sumichrast
The
Association
Home Builders’ Organization
National Association of Realtors
American Automobile Dealers Association
Reagan
Paul A. Volcker
Federal Reserve Board
Herman J. Smith
Fort Worth
Smith
Bureau of Census
Business Digest
Nyse&xg
Dustry
Iaiss
India
Joan Saag
Don Reds
Wave
William M., Isaac
Federal Deposit Insula Corp
Saving and
Intington Office
By Sylvia Porter
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