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Show Page 10b The Enterprise Review, July 7, 1976 Yield Results Mixed in FNMA Auction Auction yield results were mixed as the Federal National Mortgage Association issued h $216.7 million in four-mont- commitments to purchase both and government-backe- d conventionally financed home mortgages. The corporation issued SI 57.5 million in commitments on mort- government-backe- d FNMA received 280 FHAVA bids totaling $261.2 million and accepted 201 bids, including 121 noncompetitive. In the conventional auction yesterday, FNMA issued h $59.2 million in four-mont- commitments at an average yield of 9.321 , up from 9.304 on June 14. The. range of accepted bids was from 9.260 to 9.390. FNMA received 165 gages at an average yield of 9.115. which converts to an conventional bids totaling average price of 95.74 for 8 Vi $93.6 million and accepted 111 FHAVA mortgages. (The bids, including 69 noncomaverage in the previous auc- petitive. The next auction will be tion was 9.136.) The range of was bids July 12, 1976. yesterday accepted 9.090 (95.91) to 9.189(95.25). Recovering Economy Boosts Tourist Trade The visitor industry in Salt Lake County was booming during the first three months of the year according to the Utah State Tax Commission. Transient room tax figures showed an increase of 109 percent over the same period in 1975 January, March. and The February transient room tax is a tax collected on hotel, motel or trailer court accommodations renting for 30 days or less. - the Salt Lake Valley Convention and Visitors Bureau said the growth of the visitor industry in Salt Lake County during the quarter can be attributed to a variety of factors: an excellent ski season which saw all resorts y records; the setting increase in convention and conference groups in Salt Lake City; as well as the upswing in the economy which increased the amount of business traffic ski-da- room into the city. In addition, the Bureau accommodations are taken by the tax is one of figured by using the amount the most consistent and ac- spent on rooms as a base, Since non-residen- most transient Agency Proposes Plan to Bring Homes to FHA Va Standards Lenders who desire to loan money for homes in high risk neighborhoods, but had difficulty getting FHA or VA to guarantee the loans, may be in for some relief. A program proposed by the city Redevelopment Agency would loan money to individuals wanting to sell below-standar- d houses in Central City, Salt Lake, to bring the house up to FHA or VA standards. The Redevelopment Agency proposes to offer a rehabilitation loan to a home-ownwishing to sell a house in Central City. It would pay er for an appraisal of the propbasis. The erty on an as-i- s would state the appraisal necessary rehabilitation requirements to bring the home up to minimum FHA or VA housing standards and the minimum housing code of Salt Lake City. The Redevelopment Agency then proposes to loan the necessary amount of money to the homeowner at a rate of 6 percent, from a revolving loan fund. At the same time the Agency would hold a trust deed on the property. When the rehabilitation work is complete, the house would be eligible for a loan insurable by FHA or VA. According to L. C. Romney, director of the local FHA office, regulations require the Agency to guarantee a loan on a house that meets its standards, providing the mortgagee also meets minimum standards. We have never turned down a house based on its location, he said, unless it was next to a glue factory or machine shop. But a spokesman for the Redevelopment Agency said the Agency has experienced trouble getting FHA to loan money for a house in Central City, even though the house met minimum standards. That is why this proposal was initiated, the spokesman - - It should be noted, however, that the 1975 transient tax was at 1 a percent, while the 1976 rate was 2 a percent. To give a true figure, the first quarter 1976 collections should be adjusted to .the lVa percent rate ($104,352.41) and then compared to the 1975 collections still giving a 25.5 - percent increase. In releasing the figures, were worth nearly $25,000,000 loan fund conjunction would work in with the Utah Housing Finance Agency home loan program, the pro- posal outlined states. The Finance Agency is currently embroiled in a staged lawsuit to determine its constitutionality. According to Jerald Miller, attorney for the Agency, plaintiffs are currently awaiting a pleading from the Attorney General's office in response to the Agency's complaint filed several months ago. After that pleading is filed, Miller said, the Agency intends to rile a motion for summary judgement. The Redevelopment Agency proposed revolving loan fund would be financed by the Department of Housing and Urban Development. The program was proposed in March 1976, and an answer from HUD is anticipated this - MORTGAGE RATES during the first three months of the year. FHA Laver & Rawlings Effect Merger The merger will generate immediac hiring of about four new employees. first year. According recent Parade Magazine icle, the company to a art- actually spent $2.3 million on directory books. In addition, the company had to refund 30 cents a month to subscribers who made no information calls. That cost another $2.2 million per month,. . . Mountain Bell is charging 20 cents per call after the first five, which are free. Vi VA 8.5 FHAVA points Lender Laver & Rawlings, a local accounting firm, has merged with Authur Young & Co. The two firms have moved into new quarters at 275 East South Temple in the new New York Life building. 8.5 Advance Mortgage Corp. American Home Mortgage American S & L American Equity Corp. AFMAC Mortgage Bettilyon Mortgage Loan Co. Colwell Company Commercial Security Bank Deseret Federal S & L Federal Building and Loan First Federal S & L First Security Bank First Security State Glenn Justice Mortgage Home Benefit S & L Lomas & Nettleton Co. Lombard Mortgage & Thrift Miller & Viele Mortgage Prudential Federal S & L State S & L Tracy Mortgage United S & L Utah Mortgage Loan Valley Mortgage Corp. Walker Bank & Trust Western Mortgage Loan Corp, Western pacific Financial Western S & L Zions First National Zions Mortgage 3.75-4.5- 0 3.75-4.2- 5 4 5n 4150-5.0- 0 3.25-4.5- 0 3.75 3.50-4.0- 0 4.50-5.5- 0 4.00-5.0- 0 5.00 conventional rate 9.300 9.250 9.000 None None 9.250 9.100 9.375 9.000 9.000 Will Not Quote 9.000-9.25- 0 4.00-4.5- 0 9.000.9.500 3.50-4.5- 0 9.000-9.50- 0 3.50-4.5- 0 4.00-5.0- 0 9.250 9.250 Refused 3.75-5.0- 0 Refused None 3.50 5.00 None 9.375 9.000 9.000 4.00-5.0- 0 9.000-9.50- 0 3.50-4.5- 0 3.50-4.5- 0 9.125 9.250 4.00 5.00 3.50-4.5- 9.250-9.50- 0 9.000-10.00- 0 0 9.000-9.25- 0 3.75 None 4.50 9.250 9.000 9.250 3.25-4.2- 9.000-9.25- 0 5 Ag- ency's proposed revolving other tourist expenditures Charges Could Cost Ma Bell More than They re Worth . As Mountain Bell begins charging for directory assistance, it has taken a wait and seev stance toward the possibility of losing money on publishing its telephone directories, according to a spokeswoman in the public relations office. In New York, when the phone company was charging 10 cents per directory assistance call, it lost $700,000 its The Redevelopment month. ts, curate guages of the visitor industry known. During the first quarter, Salt Lake County collected $173,920.69 in transient taxes taxes not paid by Salt Lake which County residents 2Va represents percent of the total paid for rooms during the period. During the same period in 1975, the County collected $83,180.72. said. These rates were obtained by telephone conversation with the above institutions. 'The rates are correct to the best of our knowledge but their accuracy cannot be guaranteed. |