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Show Enterprise Review Page 9b CALL AND COMPARE Thats right! Call AS LITTLE AS our competitors and compare facilities and price. See for yourself. Financial Summary PER VISIT Patrick J. Vaculin We in the financial Federal National Mortgage Associatin issued $216.8 mil- community have an obligation to assist in the housing problion in h commilems of the Salt Lake area. To tments to purchase both do this we must government-backe- d and conour lending practices in regard ventionally financed home to mobile homes. mortgages. In the 1970 United States FNMA said the corporaCensus of Housing, 50 per- tion issued $179.99 million in cent of the mobile homes built commitments on government-backe- d prior to 1949 were still in use mortgages at an averover 20 years later. age yield of 9.067, which Most lenders feel that it is converts to an average price of inappropriate to make a long- 97.80 for 8 34 FHAVA term loan on a mobile home. mortgages. (The average They feel as though mobile previous auction was 9.071). homes are not durable. This is The range of accepted bids d a contradiction of the was 9.039 (97.99) to 9.150 census report. (97.23). FNMA received 313 Lenders claim that mobile FHAVA bids totaling $252.2 homes depreciate like automo- million and accepted 245 bids, biles. With inflation, a well-ke- including 147 non competitive. In the conventional auct- mobile home does not four-mont- re-evalu- ion, FNMA issued $36.9 mill- commiion in tments at an average yield of 9.166, down from 9.219 on January 26. The range of accepted bids was from 9.111 to 9.300. FNMA received 141 four-mont- h WE GIVE PRICES OVER THE PHONE. CALL TODAY! OLYMPIC HEALTH & RACQUET CLUB conventional bids totaling $57.8 million and accepted 108 bids, including 57 titive. The next auction will be February 23, 1976. 410 North Main North Salt Lake 1333 South State Salt Lake City noncompe- 466-878- 295-942- 9 COME AS YOU ARE. FREE 1 NURSERY CARE. above-mentione- pt depreciate. 99 percent of newly built mobile homes are built in conformance with the American National Standards Institutes Standard A 119.1 for Mobile Homes. This is the code which covers everything from structural design to plumbing and Id like to handle your investment account in 1976. electrical systems installation. This code is constantly reviewed and updated. ANSI A 119.1 equals or exceeds similar requirements in other forms of shelter Another objection by lenders is that a mobile home owner can upon a whim pull away with his car and leave the lender holding the bag. Todays mobile homes are too big for an owner to move with his car, so he cant just slip Its as simple account or a large ac count, business. away. Lenders fear that their collateral will not outlast the life of the loan. It is feasible to assume that lenders could tie the loan to the purchase of land. I envision the day when lenders will lend on PUD or subdivision made up. solely of mobile home. the Fewer and fewer people can afford the conventional type of This means mobile home. homes may begin to look more and more attractive. What this all means is that a borrower on the mobile home will be a better risk if a loan is offered at simple with interest and long-terthe purchase of the home tied to the land. It would mean great business and low risk. High security value may pass lenders unless they reconsider their ' lending practices on mobile home paper. so-call-ed as that. Whether you have a small boly lANb Id sincerely like your Pick up the phone and call me personally today at (801)532-382- 5. John Prince TOURS Departure Apr! 29 Conducted by Ivan Barrett m MURDOCK TRAVEL 14 S. Main Salt Lake City. Utah 84101 Call (801) Yields declined for the sixth straight auction as the (801) 521-78- 377-970- 0 Prince, Langheinrich INCORPORATED & Greer 50 350 South Fourth East Suite 204 Salt Lake City, Utah 84111 |