Reported by Star-Bulletin staff & wire
Thursday, November 13, 1997
Mortgage holder buys 196-room Kauai hotel
A Kauai hotel has been sold to its mortgage holder for less than a third of what the previous owner paid for it in 1989.First Commercial Corp. of San Diego was the only bidder at a foreclosure auction for the Islander on the Beach hotel. The bid of $33.8 million was approved at a hearing yesterday.
Foreclosure Commissioner Walton Hong said he believes First Commercial plans to continue operating the 196-room hotel at Kauai's Coconut Plantation.
SEC wants to allow one mailing per house
WASHINGTON -- The Securities and Exchange Commission proposed rules that would allow mutual funds and public companies to send a single shareholder document to different investors who live in the same house.The plan, issued today for public comment, seeks to reduce company expenses and paperwork for family members invested in the same company or mutual fund.
"Each year millions of investors receive unneeded extra copies of these documents that serve no purpose other than to increase costs," SEC Chairman Arthur Levitt said.
Current rules require companies to send shareholder information to each investor account.A husband and wife with separate investments in the same fund typically receive two identical documents each time the fund mails a prospectus or annual report.
Mortgage rates slide to near 20-month lows
WASHINGTON -- Thirty-year, fixed rate mortgages averaged 7.23 percent this week, near a 20-month low, according to a national survey released today by mortgage company Freddie Mac.The average was down from 7.24 percent last week and the lowest since it stood at 7.21 percent the week of Oct. 30.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.53 percent, up from 5.48 percent last week. The rates do not include add-on fees known as points.