News Scrapbook 1982-1984

SAN DIEGO UNION FEB 2 5 1984

SAN DI EGO UNION £EB 2 7. 19S4

D marks Mexican link

larg st umvers1ly 1 law books to the Um•

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The San Diego Union/ Russ Gilbert 0.K.? Ann-Marie Manchester gets a hand from sisters Sally, left, and Molly, and her father, Douglas, after cutting the rlbbon for the Douglas Manchester Executive Confer- ence Center at University of San Diego. (Story, A-10)

Sacred Heart Catholic Church in Coro- nado exterior shown, and St. Agnes Cath- olic Church in Point Loma, interior pic- tured were two structures renovated re- cently by Trepte Construction Co. The projects presented special challenges. · estoration - wo churches, wo challenges edesigmng or rehabilitating an existing structure.al- ays poses its own set of c~allenges and, w~en the ~u!ld- ing is a Catholic church with a rich and vital tradition, preserving the original mood and atmosphere_ becomes just as important as restoring the original architecture. Trepte Construction Co. Inc., a local 87-year-old firJ?, has given "face lifts" to two churches in the Catholic Diocese of San Diego this year St. Agnes Church (above) at 1140 Evergreen St. in Point Loma (1933), and Sacred Heart Church lbelow) at 672 B Ave. in Coronado (1922). Bill Gabrielson, Trepte contract manager, oversaw both restoration jobs and explained that even though St. Agnes and Sacred Heart were both Catholic ~hurches built in the same era, the nature of each proiect was entirely different. "The changes made at St. Agnes were ~a~nly res_tri~~ed to the interior and were mostly aesthetic, he said. On the other band, Sacred Heart had developed a lot ~f struc- tural problems over the years, and the work we did there was more rehabilitative." Trepte coordinated the improvements on both chur_ches with Dr. Therese Truitt Whitcomb, who heads the Umver- sity of San Diego art department and also acts as the school's director of design. The new interior of St. Agnes was designed t~ replicate as closely as possible the 17th century Mediterranean architectural style of the church. Many articles of the original interior were returned! ~ke the tile sa~ctuary and vestibule and four of the onginal art-glass windows. The contemporary altar, lectern, pedes~ls, light fixt~es and doors were removed and replaced with baroque piec- es more appropriate to the period. · Trepte began restoration work on Sacred He_art ~hurch in late 1982. The SO-year-old church was showing its age, according to Gabrielson. Leaks were repaired and walls were patched. Trepte had to re_mo~e the entire 8,0?0- square-foot floorfill and replace 1t with a concrete mix- ture. Because Sacred Heart was designated a historical land- mark by the Coronado Historical Association in 1980, it was important to follow certain guidelines in the restora- tion. Color schemes were adhered to and the features of the original architecture - repetitive arches, white plas- ter and roof openings - were preserved. Three original skylights bad been painted over, so they were uncovered, providing natural light in darker areas of the church_ The interior walls were repainted, the flooring and car- peting replaced and the pews refinished. Outside the years had taken their toll on two of Sacred Heart's crosses. Some of the tiles had been lost from the gold leaf cross which rests on the blue dome tower, they were replaced. The large wooden cross covered m gold leaf tiles that hung above the entryway was dam- aged beyond repair. The construction company created an exact replica by using molded concrete which was then covered in gold leaf. According to Gabrielson, the concr~te was ch~n for the new cross because ''it won't deteriorate as easily and should last much longer than its predecessor." - Connie A. Salamy

San Clego, CA (San Diego Co.) Union (D. 217,324) (S. 339,788)

SAN DIEGO UNION•

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, " 1888 v c Homes,-- Market's revival tied By~2 v.~?a!J:ges Deregulat10n and removarofcontrols in the market place of housing finance have played a key role in the current recovery of the nation's housing industry. An~ ~e sec~ndary mortgage market is a "major ele- ment in making the funds available that are not only necessary, but also essential to support this strengthened housing position · This was the message delivered last week by Kenneth J. Thygerson, president and chief executive officer of the Federal Home Loan Mortgage Corp. (Freddie Mac for ~ho~) to a ~n Diego audience composed mostly of lend- ing institution representatives, developers. real estate brokers and others involved in housing finance develop- ment The speaker was basically optimistic. . ~n.cial constraints on thrifts have been lifted," he said. Pnce cont~ols are g_oing, and will disappear entire- ly Th_lS corporation IS bemg used, and being used more effectively ~d to a greater extent than ever before. Freddie Mac IS buying, pooling and selling mortgages in the form of securities at a rate far greater than anyone could have imagined just a few short years ago." In a,,talk entitled "Secondary Mortgage Market. On the Move, Thygerson first explained the functions of Freddie Mac and bow and ~by _the secondary mortgage market has emerged as.a s1gn1f1cant financial tool in the housing industry. Freddie Mac was organized In 1970, the young- est of three agencies chartered by the government to generate support for the mortgage market. The others are t~e Federal National Mortgage Association (known as Fan~1e Mae and the oldest of the three) and Government Nalional Mortgage Association, (also known as Ginnie ~ae) All three are engaged in secondary finance opera- tions, but Freddie Mac was organized specifically to ~ulwark ~e ~onventlon~l !11ortgage market. The others, m the begmrung, were hm1ted to buying and selling only those mortgages insured or guaranteed by the govern- ment - that is, FHA and VA loans. The secondary market does not originate loans Thygerson explained, but buys the mortgages originated by savings and loan firms, banks and other lending insti- tutions, the so-ca_lled primary lenders, and thus pumps more fu~ds back mto the housing finance market. Freddie_ Mac and the other agencies pool the mortgages they buy, ISSue securiti_es ',Vith the mortgages as collater- a_l, and sell these secuntles to other investors. The securi- tie · are more negotiable than the long-term mortgages and thus more attractive to investors. ' ·'The contemporary secondary market has acted to ex- pand the potential - in fact the real - investor base " said Thyge~n. ''Freddie Mac bas helped to bring insu~- ance compames back mto housing finance. We have rein- stated pension funds in the potential of investment in housmg. In_ short, we have remade the lowly conventional mortga_ge !nto_ an. extremely attractive investment. It is attractm mst1tut1onaJ investors, even foreign investors."

Foad n GaUery: "The lndienant Artilt," throu&h March 'rl. Uw- versil' of San Diego. W kdays, noon to 5 p.m.

Thygerson said that m the less regulated eiMronm t of this decade, the th1 ift and savings firms have become more flexible in designing their asset structures, and through the econdary market system, they avoid the interest-rate r1Sk of former practices. The speaker said that m 1983 the total participation of l<"redd1e Mac, Fanme Mae and Ginnie Mae in the second- ary market amounted to more than $100 billion, a sub- stantial increase over past years. ''That dollar total represents a substantial amount of money flowing back to lenders, back to home buyers, back to housing." he said Thygerson's appearance was in the newly-opened Fletcher Lecture Center in the School of Law building on the University of Sna Diego campus. The occasion marked the dedication of this hall, which was equipped and furnished by contributions from the Ed and Mary Fletcher Foundation and members of the Fletcher fami- ly several of whom attended the ceremonies. At a press conference, Thygerson predicted relative stability m the mortgage money markets through the rest of this year. He said interest rates on long-term, fixed- rate mortgages should hold m the range of 12.5 to 14 percent, and for adjustable rate mortgages, he foresees a 10 to 12 percent range. Thygerson p~epared a 19-page text for his address, but he moved 1t aside and spoke extemporaneously from the podium, although he emphasized most of the same points he made in the text. Among his other observations: • Not only is deregulation helping to bring an end to th 7 nation's worst housing slump since World War II, "but 1t IS also unleashing more creative entrepreneurial ener- gy than has ever been available to our country's housing fmance system." • Pnvate sector secondary market conduits, finding the opportunities so attractive, are emerging at a pace never before seen. Among them are General Electric, Sears and other large institutions, and "because the sec• ondary market is expanding, there are indications others will soon be joining them." Thygerson said he not only supports but also wekomes growth of the private second- ary market because there is room for both the private as well as the government-chartered agencies. The agencies, be noted, are limited to buying mort- gages amounting to not more than $114,000 each. He said the private sector could help meet the demand for higher- valued mortgages in the secondary market. The speaker paid tribute to the system of the past, the SO-year fixed-rate mortgage which the primary lender held in a portfolio. '·For y~rs this system worked," said Thygerson, "and worked qlllte well. After all, Americans in the 20th centu- ry have achieved a level of homeownership that is envied around the world. In 1900, approximately 47 percent of America~ owned their own homes. By 1980, that figure bad.grown to 66 percent. . "But as good as it was, that traditional system of hous- mg fina~ce _came ~ange~ously close to extinction through a combination of inflexible government control increas- ing inflation and higher interest rates." ' As _for the future, he believes the housing demand will remam very large, noting that during this decade there will be 42 IIDllion America.ns reaching the 30 age b:acket "the home buying age," contrasted with 32 million in th~ 1970s. Thygerson, who became president of the Federal Home Loan Mortgage Corp. In August 1982, was introduced by Bernard H. Siegan, professor of law at USD. Both were members of the President's Commission on Housing dur- mg I.hat group's 10-month life through April, 1982.

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