Sunday Gazette-Mail from Charleston, West Virginia on June 6, 1976 · Page 25
Get access to this page with a Free Trial
Click to view larger version
June 6, 1976

Sunday Gazette-Mail from Charleston, West Virginia · Page 25

Publication:
Location:
Charleston, West Virginia
Issue Date:
Sunday, June 6, 1976
Page:
Page 25
Cancel
Start Free Trial

Page 25 article text (OCR)

9B --June 6, 1976 Sunday Gazelle-Mail i, VS«st Virginia Women, Men Said Equal Credit Risks By G. David Wallace WASHINGTON (AP) - Women's earn- were surprisingly frank about their inability to assess future income growth and stability for these families," the study said. The researchers found, however, that ing power and income stability make them as good a risk as men when it comes to buying a home, according to a government-sponsored study released Saturday. THE STUDY from the Department of Housing and Urban Development stressed statistically what the law already requires: women should be considered equal to men in granting credit. The study said the importance of statistical backing for the law should not be underestimated. "Lenders and mortgage insuring agencies will remain reluctant to lend to single women or to give full credit to married women's income until these beliefs are debunked by actuarial statistics to the contrary. "Discriminatory practices can easily be masked under the subjective cloak of 'discretion' or 'sound business practices.'" "I think the study's good." said Peter M. Williams, head of the Mortgage Banker Association's management services department. "We're going to publicize it." Quinton Gordon, director for equal opportunity projects in HUD's research office, said Williams' response is typical. "The feedback we've received so far has been enthusiastic," he said. * * + THE KEYSTONE of the study is a new set of actuarial tables designed for use by lenders in ranking women as credit risks in terms of age, education, job tenure and other factors. The ratings would have the effect of ranking women equally with men. The study and the tables were developed under contract to HUD by Ketron Inc.. of Philadelphia and are based on an analysis of the growth and stability of the incomes of a national sample of women aged 30 to 44 from 1966 through 1970. The study was started before passage of the Equal Credit Opportunity Act of 1975, the bulk of which become effective last October. Other provisions phase in gradually over the next few years. Despite the law. mortgage lenders had been expressing reservations about extending to women underwriting guidelines which originally applied only to men, the study said. Lenders had originally applied tougher credit tests to single women than to single men and had discounted by as much as 50 per cent the earnings of a married woman applying jointly with her husband for a home loan. * * * THE REASONING, explained Williams, was that women were considered generally to be working only until they could find a husband or until they were ready to start a family. The study said industry representatives say they now are prepared to treat the.sin- gle woman, the woman who heads a household or two women living together just as they would treat men in similar circumstances. But "the interviewees repeatedly bemoaned the rising number of two-income families applying for mortgage loans, and differences in family income stability for two wage-earner families were no greater than 10 per cent less than for oneearner families. "Such differences do not statistically support the current underwriting practice," they said. And the study said the findings for married and single women during the late 1960s were conservative, "given changes over the past decade in the social and economic status of women." More recent census bureau and Labor Department studies suggest that "traditional" female work patterns "are gradually being replaced by a consistent pattern which is closer to that of their male coworkers." r The place to vacation this summer. A comfortable drive away (less than five minutes from Interstate 64) is a world of excitement at the 5-Star Greenbrier. And it can be yours at a daily rate of $52.50 per person, double occupancy.' in a spacious, air-conditioned room, including a full breakfast from a menu of over 70 item? and an eight-course gourmet dinner. (Special rates for children in parents' room.) You'll enjoy a tradition of hospitality most hotels can't offer- impeccable housekeeping, with twice- a-day maid service and nightly turn-down . . . your every desire anticipated and met by a staff of 1200, to whom service is still an art. Enjoy fun-filled days that include some of the best sports and leisure activities anywhere: three challenging For rftxmitinns »r iii/ormofion on Gal] anil Tennis Snorts Packages, as u-cll as s/KTieil fiimilv und lloniyinmrn Packages, arc your Irwid (igoil or call S. H. OiMl loll/rcc. nf IS(H» 6JM-607U. Effective tlales.for daily rates imii [jurfcujjfs. now llirmryli November W. 1976. IS-hole golf courses, each beginning and ending at the Golf Club; one of the world's finest tennis complexes, with 15 courts outdoors and five indoois. Plus platform tennis, outdoor and indoor swimming, riding, carnage rides, trap and skeet fields, bowling, bicycling, shops to browse and complimentary evening movies; the famous mineral baths and massages at the Spa. Daily supervised children's programs are available from 10 a.m. until 10 p.in Exciting evenings abound at the exclusive Old White Club . . . and the Golf Club, site of the populai Luncheon Buffet, which now offers a daily "happy hour" and informal dining, music and dancing under the stars on the terrace. POPULAR PRICED WEB FURNITURE Strong, heavy duty alim-iniMn and weothei leMed web. with outdoor finished hordwood onus fold for \toroqe. fellow i. white. ROCKER S 17 9S ARM CHAIR...T 4 POSITION CHAISE S 19 95 ARM CHAIR ! 19 9i FOLDING ALUMINUM VINYL TUBE Unsurpassed seating corn- forl in thii P.V.C. vinyl tube sealing malarial. . .in yellow, or while. . .natuia hardwood ports with super lough outdoor finish. 4 POSITION CHAISE OPEN MONDAY NIGHTS TILL 9:00 615 TENNESSEE AVE. 346-0539 Take this coupon to your store Whan you purchase two 64-oz. botllet of Ptpil, Blot Pepsi, or Mountain Dew, (Mix or Match) 10 CUSTOMER: Cul Out INis coupon and lake il'lo your tirdfi Me *i ive you bGc OFF on your purchase ol I#oM Ounce Bollix (it Pff' iel Pepv or;Mnuntam Oew iMn m Malchi 10 Quito 5v eilta loi you! llm coupon will be redeemed (01 50C plus 5c handling, providing you arid your customer have complied with the Idni ol this otter Invoices proving purchase ol sufficient stock to cover coupons redeemed must be shown by dealer upon request This ofltf good only in Cho'lesion. W.Vo Ironthiw orco which Include*, only the following Vv.Vo. Counliev Konowlici, O«y. Pul- nom-- «r.l "I Konowhci river- ·· FciyMle Vvcsl "I Goulcy River ft Deep Water Mln, Ronnev liommlcrwclioncf SloK-Rit. Mf. U.S Rle. 1 19, South or, both highwoyv This coupon moy V uwd only lor Ihe purpose de«ribcd obovf. Any olhor use is illcqol oncl Offer Expires Auguil 31.1976 from PepsiCo, Inc., Purchase. N..V.

Get full access with a Free Trial

Start Free Trial

What members have found on this page