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Show 2C Sun Advocate, Price, Utah Wednesday, May 26, 1982 Turf (HffigCEB, GteMD0BlMl33, ' ffl Med Flight set to take off look officials Savings loans for old, cheaper - WASHINGTON (AP) and loan associations, Savings weighed down by mortgages in a time of high interest rates, are increasingly on the lookout for homeowners who have secretly low-payi- , V ' - '.VtoSCj, e v jv A i V it. Med Flight, a helicopter ambulance service will take to the air by July 1, according to owner Lamar Higby. Saturday, Price residents got a chance to talk with Higby as well as ether shifted their cheap loans to new buyers. Some S&Ls even have sent employees to local government offices to pore over public records looking for the transactions, which are in violation of mortgage agreements. Theres no doubt its a said Raleigh Greene problem, III, executive vice president and counsel of Florida Federal Savings and Loan Asssociation in St. Petersburg, Fla. Its a big problem, said Rowland Barstow, chairman of Bell Federal Savings and Loan Association in Chicago. He said the practice has been going on since mortgage interest rates shot above 12 percent. Theyre now running at 17.5 percent, well above the 4 percent interest rate of some loans Bar stow said his institution still has. Savings and loans, suffering unprecedented earnings losses because of high interest rates and inflation, are eager to turn over g their cheap mortgages for higher-yieldin- According to inand loans savings figures, dustry have roughly $500 billion in mortgages and almost $300 billion of that is in mortgages averaging under 10 percent. ones. Caught by high interest rates and tight mortgage money, buyers and sellers are just as eager to find ways of either buying homes or getting rid of them. Monthly $50,000 payments on a fixed-rat- e mortgage run about $713 when interest rates are 17 percent, more than twice the $333 monthly payment of a 7 percent loan, according to savings and loan industry figures. Its a symptom of the real estate market, said Mark Clark, a spokesman for the U.S. League of In these Savings Associations. prospective home 30-ye- kinds of conditions, theres a tendency (on the part of buyers and sellers) to find any way they can to complete a sale. Seven out of 10 sales of singlefamily homes involved abovein creative financing board April, according to preliminary figures from the National Association of Realtors. Thats up from four out of 10 sales in October 1980. Under creative financing, a seller might agree to finance a part of the mortgage himself or the buyer might put up a large chunk of money to get a lower interest rate. Also contributing to the problem of secret mortgage assumptions is the widespread confusion surrounding enforcement of clauses, according to some S&L officials. Those clauses mean a lender can call in a home loan when the house is sold. Several states ban enforcement of those clauses, and the issue is now before the Supreme Court, which heard arguments last week in a California case. due-on-sa- le medical personnel and pilots and to see a similar type of helicopter that will be stationed at the industrial center for this emergency service. At left, Thad Moore, assistant director of Life Flight and Lamar Higby scan the mountains near U.S. Fuel's Hiawatha mine for an emergency landing site. Photos by At Hartmann Private sector - As the NEW YORK (AP) White House views the economy, the private sector is the central engine of economic growth and progress. Thats the way it was described a few days ago by Murray Weidenbaum, chairman of the presidents Council of Economic Advisers. The engine, he suggested, is being stoked and soon will roll down the tracks. It is in the private sector that products are created, markets are developed, factories are built. key to economy productive jobs are generated, and economic progress truly advanced, he reminded those who, in the midst of recession, might have lost sight of the White Houses goals. As he spoke, however, the engine sputterered and coughed, the sounds of illness rather than health. It hissed with escaping power rather than roared with strength. Its wheels slipped on the rails. Nobody economic We've got news for you! is forecasting Valhalla, an said Weidenbaum. But we really are setting in place the basis for a healthy and sustainable period of growth in the 1980s. And that provokes the question asked more often with each passing day: When in the 1980s will growth begin? So far, there is very little evidence that much expansion will occur this year, and the worst news of all seems to come from some of the strongest supporters of the president, that is, large businesses. Ay Plateau opens new facility Plateau Coal Mine in Wattis opened its new machine shop Thursday. The building was designed by Bonneville Engineering of Salt Lake and built under the supervision of Menco Copinga, construction superintendent for We're staying much of the equipment. company's heavy mining VALUABLE COUPON OPEN LATE Protect Your Right To Know every Friday night 'tii 8 p.m. The Utah Legislature makes crucial decisions on taxes, budgets and other issues important to our future. Many legislative meetings are- now closed to the public. All meetings must be opened. Taxpayers have a right to know how and why vital decisions are made. for your shopping - convenience w Plateau. 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