Idaho Free Press from Nampa, Idaho on February 13, 1975 · Page 5
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Idaho Free Press from Nampa, Idaho · Page 5

Nampa, Idaho
Issue Date:
Thursday, February 13, 1975
Page 5
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House bill lifts lid from interest rates ·,, BOISE, OPli- down an attempt to the House on non-consumer loans This marked the second debate on the measure, The House discussed it for an hour Monday before deciding to hang H on the calendar for two davs " 1 " 1 " attorney membe'rs Plan would float home mortgages : WASHINGTON (UP!) - The 'Federal Home Loan Bank Board has proposed letting savings and " loan associations lend monev for -home purchases at varying grates during ihe term of the 11 mortgage. ;- The proposal, recommended Wednesday, would mean inler- "est on home mortgage loans \ could rise by as much as 2.5 per cent above the intilial rale, but also drop if general interest grates' fall. '' The variable rate would be ·based on an index to be deter' mined by the FIILBB. The proposal could lake effect .within 90 days but is more likely to become effective next fall, 'FIILBB Chairman Thomas R. ..Bomar said. v The maximum increase above (he initial interest rale dcter- '.'mined at (he moment when a ;home was purchased would be 2.5 per cent. The increase could ibe raised no more than 0.5 per " cent every six months. Although most critics of (he variable rate mortgage point to its escalating features, fluctuating interest could also be beneficial to some homebuyers. For instance, persons who bought homes last summer and fall when interest rates were at peaks of 9.5 per cent, could benefit in the months ahead because interest rales are now moving down. The FHLBB is a federal agency that regulates about 4.000 savings and loan institutions chartered by the federal government. Such institutions are the primary source of funds for the nation's home buyers. ^Maintenance of high levels of organic matter in soils is a key Factor in keeping up productivity. Onioans use nearly 12 billion gallons of water daily. Today's weather N«BNM WIAIHII UMKf KWfCMI w *x HI 1-11-75 V 77 "-" · SNOW is forecast tonight across Ihe upper and central Great Plains and mid Rockies, while some rain occurs along (he northern Pacific coast. Elsewhere, generally (air weather is ' expected to predominate. Atlanta Boston Cpldwcll Chicago Dallas Denver Dululh Houston Kansas City High Low 52 26 47 27 72 48 15 78 33 30 II 41 13 41 25 -1 » 23 Los Angeles Miami Nampa New Orleans New York Phoenix San Francisco Seattle St. Louis Washington 61 77 48 71 30 73 60 46 33 37 checked its technical provisions When Hep. Rudy Andersen, R- Boise, opened debate for Ihe second time. Rep, J. Yard Chalburn, R-AJbion, tried to put Ihe measure in committee of the whole for amendment. He said he wanted to raise the present rates of 10 per cent for individuals and 12 per cent for corporations by twt) per cent. Chatham's motion lost. Rep. T.W. Slivers, R-Twin Falls, said 15 stales now have no limit on mortgage loans. By removing the interest ceiling, he said, the legislature will make more investment capital available al times when there is a crunch in Ihe money market. ile disagreed with olher lawmakers that removing Ihe ceiling would lead to "loan sharks and loan sharking." Lending of money. Slivers said, is a very competitive market and competition will help keep rales down. "It doesn't make any difference what the interest rate is when there is no money available," Slivers said. "Money will find its place in Ihe market just the same as a loaf of bread, a jug of wine of thou," he said. Rep. Patricia L. McDermolt, D-Pocatello. urged the house lo amend the bill. She said one section of il states: "With respect to a consumer loan or consumer relaled loan (he parties may contract in writing for Ihe payment by the debtor of any loan finance charge." She contended that opened up the bill to far more than just banks and savings and loan companies and fell it should be deleted. On the subject of interest rates themselves, she added: "U would be nice if we could control the national money market silting in Idaho. But we cannol. U would be nice if we could control inflation. But we cannol." Rep. E.V. McHan. R- Kclchum. urged the house lo raise the interest ceiling rather than take the lid off it entirely. "Think how much better it would be to put a ceiling of 12 per cent on il," McHan said. "Then we would know there would be np 18 per cent interest charge." Rep. Perry Swisher, D- Pocatello. urged passage of Ihe bill lo make money available for lending. But he suggested the legislature speak to the problem of compensating balances where bankers require borrowers to keep certain amounts of money in their accounts during Ihe period of Ihe loan. One lawmaker said if an interest ceiling is left on the loans il should be higher than 12 per cen I. "If we're going lo put on a lid put it somewhere in Ihe neighborhood of 14 or 15 per cent," Rep. Joe Wagner, D Lewislon said. irlpool Big Value 30" Range Model RYE-3600 features Balanced-heat oven, plug-in surface units, two-digit oven control, Spiilguard® cooktop, removable oven door, adjustable oven rack, infinite-heat controls and Cabinet-Mate * design., ELECTRIC 466-2468 332 Caldwell Blvd. -- Nam '1 he Idaho Krec Press The News-Tribune, Thursday, February 13.1975 -- 5 4 i iv.- luuiiu I ici: I icd0f 1 IK m'Wb- J I 1UUMU, I riUlaUa), r CUi Ual J i. i»( J Notary pub/ic firm contracts to recruit civilians for airlift (iKNKHAI, MOTORS Chairman Thomas A. Murphy predicts auto plant shutdowns could end b.v late March. As he was making his forecast Wednesday, other company olficials announced cutbacks neu work that will mean the one-wrek closing of seven assembly plants, two of them already closed this week, tlipiPhoto) OAKLAND, Calif. IU)'I Hird k Sons Co, of Oakland is listed as a notary public service. II is now gelling five more CI3U airplanes from the Pentagon to carry on its business. Its business, at least in part, is in Cambodia. On Wednesday, in an old hotel. Ihe notary public service was recruiting American civilian pilots for Ilio U.S. government's airlift to besieged Cambodia. Bird 4 Sons was a comfortably obscure firm imli) Tuesday when Ihe Pentagon announced i'l «'as doubling the size of its four- month airlift lo the Phnom Penh government --using (he air freight services of "Hird Air of Oakland." The Pentagon said Bird Air would receive five more C]30s and boost its supply flights for Ihe Cambodian capital lo 20 a day with food, ammunition and mcdicnl supplies under a reported $'i:i million agreement tvilh Hird Air. There is no liird Air o( Oakland. Hnl on the third floor of Ihe hotel, once an elegant landmark of the 1920s hut now showing its age, there is liird Sons Co. Owner William Bird, it turns out. is not in the notary public business. He owns the liotel. He also owns Hird i Sons, whose business cards list il us an in- lermitional contracting firm. Hird alsn owns Hird Air, a civilian air freight firm based wherever Bird is hanging his lial. That is now an Air Force Hasp in Thailand, from which Hird Air planes -turned over to him free by Ihe Air Force - are operating. Hccemly Bird told a newsman Ihal Ihe Air Force is using liird Air "lo gel around Ihe congressional ban on U.S. military involvement." Since October. Hird Air h,is been functioning as the surrogate Air Force supply arm lo Cambodia on contract with the Tenlngon. Hird Air has no listed telephone number in Oakland, liird Air has no address. Bird Air has no desk in Ihe Leamington Hotel. "The home office is overseas." said an employe. "We're just a 'service company' for Bird's properties. There is this building and a shopping center in Arizona and the air freighl operation." As for the sign in Ihe lobby reading "liird i Sous. Notary." an employe said "That's me. I'm a notary." "When we signed the contract with Ihe Pentagon." said the employe, "il was supposed to be secret. Bui then Ihe Pentagon announces il "and we're still .supposed lo keep it a secret. It's prclly confusing." 4S6 7891 or J59-J664 to Place your c l a s s i f i e d ad The roof leaks. The kids room is always cold, and you just don't have enough closets. What you need is a new house. Now, who can you talk to about a home loan? See us first. 1 Homo lonns ,IIP our business. Our specialty, .iriually. This is the lime lo uilk nhoul ,1 home' - before you pick ,1 house, or j house plan. We (.in tell you now how murli you snlcly borrow, il will cosi, ,md how ]im K ,1 term you (,m expert .. . plus inform,iiinii rai save you lime and money, when you ilo buy your -new house. Drop in, we'll be happy Io talk villi you . . happier still if we Cl ,n help you buy ,1 home. OFFICES: 9lh Icflmon 10 So. Orchjrd Boise 7I2 t. 1st, Merniijn · 515 Cleveland Cjlclwcll C rysul Bc.ich. Me Call · 140 1. M.iin. loiomt- first FEDERAL SAVINGS

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