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OCTOBER 2007
How Veterans Day Got Started
November 11, 2007, (the legal public holiday for Veterans Day) falls on a Sunday. For most Federal employees, Monday, November 12, will be treated as a holiday for pay and leave purposes.
World War I - known at the time as "The Great War" - officially ended when the Treaty of Versailles was signed on June 28, 1919, in the Palace of Versailles outside the town of Versailles, France. However, fighting ceased seven months earlier when an armistice, or temporary cessation of hostilities, between the Allied nations and Germany went into effect on the eleventh hour of the eleventh day of the eleventh month. For that reason, November 11, 1918 , is generally regarded as the end of "the war to end all wars."
In November 1919, President Wilson proclaimed November 11 as the first commemoration of Armistice Day with the following words: "To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country's service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations…"
An Act (52 Stat. 351; 5 U. S. Code, Sec. 87a) approved May 13, 1938, made the 11th of November in each year a legal holiday - - a day to be dedicated to the cause of world peace and to be thereafter celebrated and known as "Armistice Day." Armistice Day was primarily a day set aside to honor veterans of World War I, but in 1954, after World War II had required the greatest mobilization of soldiers, sailors, Marines and airmen in the Nation's history; after American forces had fought aggression in Korea, the 83rd Congress, at the urging of the veterans service organizations, amended the Act of 1938 by striking out the word "Armistice" and inserting in its place the word "Veterans." With the approval of this legislation (Public Law 380) on June 1, 1954, November 11th became a day to honor American veterans of all wars.
Later that same year, on October 8th, President Dwight D. Eisenhower issued the first "Veterans Day Proclamation" which stated: "In order to insure proper and widespread observance of this anniversary, all veterans, all veterans' organizations, and the entire citizenry will wish to join hands in the common purpose. Toward this end, I am designating the Administrator of Veterans' Affairs as Chairman of a Veterans Day National Committee, which shall include such other persons as the Chairman may select, and which will coordinate at the national level necessary planning for the observance. I am also requesting the heads of all departments and agencies of the Executive branch of the Government to assist the National Committee in every way possible."
On that same day, the President sent a letter to the Honorable Harvey V. Higley, Administrator of Veterans' Affairs (VA), designating him as Chairman of the Veterans Day National Committee. In 1958, the White House advised VA's General Counsel that the 1954 designation of the VA Administrator as Chairman of the Veterans Day National Committee applied to all subsequent VA Administrators. Since March 1989 when VA was elevated to a cabinet level department, the Secretary of Veterans Affairs has served as the committee's chairman.
The Uniforms Holiday Bill (Public Law 90-363 (82 Stat. 250)) was signed on June 28, 1968, and was intended to insure three-day weekends for Federal employees by celebrating four national holidays on Mondays: Washington's Birthday, Memorial Day, Veterans Day, and Columbus Day. It was thought that these extended weekends would encourage travel, recreational and cultural activities and stimulate greater industrial and commercial production. Many states did not agree with this decision and continued to celebrate the holidays on their original dates.
The first Veterans Day under the new law was observed with much confusion on October 25, 1971. It was quite apparent that the commemoration of this day was a matter of historic and patriotic significance to a great number of our citizens, and so on September 20th, 1975, President Gerald R. Ford signed Public Law 94-97 (89 Stat. 479), which returned the annual observance of Veterans Day to its original date of November 11, beginning in 1978. This action supported the desires of the overwhelming majority of state legislatures, all major veterans service organizations and the American people.
Veterans Day continues to be observed on November 11, regardless of what day of the week on which it falls. The restoration of the observance of Veterans Day to November 11 not only preserves the historical significance of the date, but helps focus attention on the important purpose of Veterans Day: A celebration to honor America's veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good.
Enjoy Stable Payments
Many borrowers with adjustable-rate mortgages (ARMs) are aware that their payments will go higher in coming months. Unfortunately, they often aren't certain what their new payment will be.
Contact us immediately if you - or someone you care about - is in this situation. We'll go over your existing mortgage with you, and show you what changes to expect in the future. At that time we'll also outline other mortgage possibilities which may make better sense for you today. Many ARM holders have enjoyed the benefits of low rates, but now they're looking for monthly payments which won't change as long as they live in their home. It's crucial to talk with us soon for a number of reasons.
First, we want to show how different financing programs would fit into your budget. You'll then need time to make a decision that's not pressured. Additionally, we often can help you achieve a lower rate by improving your credit score. Adverse publicity has led too many consumers to believe they can't get a loan on good terms now. But rates remain low, and most borrowers are able to obtain the financing they need today. Yet allow yourself enough time before your loan adjusts to make positive changes. We suggest you get in touch with us as soon as possible if you have an ARM that's not working in your favor now.
No Need to Wait
Softening home prices in some areas are making houses more affordable. Mortgage rates also remain attractive, which keeps monthly payments down. Yet no one can be sure how long these rates will be available. Even if the Federal Reserve cuts short-term rates in the near future, mortgage rates still could go higher. Most long-term mortgage rates are determined by U.S. Treasury bond yields. Rates on ten-year bonds could rise even as short-term rates fall, economists note. That's because rising prices for food and energy are causing fears of higher inflation. Lower short-term rates also would increase economic activity, and push inflation up faster.
Bond markets then would respond by raising the yield on ten-year securities. Markets would be expecting higher rates in the future to slow down inflation. Long-term mortgage rates would go up as a result. Talk with us when you're ready to purchase or refinance real estate. We'll help you make sense out of today's markets, and show you options that will put you closer to your goals. Purchasing a house now makes sense for families who want a stable lifestyle. Owning a home remains a positive choice for most Americans. Today you still can obtain a loan on excellent terms.
Let us help you gain the benefit of affordable payments on your new home.
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