Reported by Star-Bulletin staff & wire
Thursday, October 3, 1996
Reported by Star-Bulletin staff & wire
Thursday, October 3, 1996
The average adjustable mortgage rate fell to 5.70 percent from 5.82 percent a week earlier. Fifteen-year mortgage rates averaged 7.58 percent, down from 7.68 percent.
Long-term mortgage rates have dipped in recent weeks after steadily rising this spring. Rates rose from 6.94 percent in mid-February to a yearly high of 8.42 percent in the week ended July 12, according to the Federal Home Loan Mortgage Corp.
Closing arguments in the case against George Lockwood were made yesterday in Salinas, Calif.
The state loaned Ocean Farms - a pioneering aquaculture firm in Kona - the money in 1990. That was the year Lockwood was ousted from his company. Two years later Ocean Farms went bankrupt.
Now the state says it's entitled to collect on the loan and wants to foreclose on the collateral - Lockwood's California home and two undeveloped lots.
All savings and loan institutions in the country must pay assessments under a bill signed into law Sept. 30. After the fund is fully paid, premiums will drop in January to 6.5 cents per $100 of deposits, from the current level of 23 cents per $100.
The bank holding company said the net after-tax effect of the $5 million payment will be a cost of about $3 million.
Organized by Brew Hawaii magazine and sponsored by several local breweries and Outrigger Hotels & Resorts, the day-long "Craft brewing in Hawaii" conference will start with a history of brewing in Hawaii, presented by Bob Schmidt, retired state statistician.
Other speakers include California brewing industry publisher Jack Erickson, Don Brooks of Kona Brewing Co. and Phil Brown of Anheuser-Busch Sales of Hawaii Inc.
Tickets are $35 in advance or $50 at the door. Contact Brick Lawes at 739-4610.