Lowell Tuttle
David W. Hope Lisa is doing well.
My first home purchase was 1983, close Jan 1984....I paid 75000 for brand new home. It was -0- down. Builder paid 5% down. I got that 5% back in three years if I paid my payments....and if the mortgage balance to home value ratio was 90%.. I think the interest rate 6 7/8, 7 7/8, 8 7/8...and then adjusted to the fed rate beginning at what that would have been after the first three years. Paul Volkler set the fed rate at 20% in 1980.
I did actually get the 5% builder fronted down payment in about 1995 and by then it had risen to about 8000, so I got paid to move into my house. It had been held in my name at the First Federal Savings bank of Thibedeaux Louisiana,. The home was a Nash Phillips Copus (they went bankrupt...)
Unrelated
On cable this morning I watched a show called Under the Volcano. It was about the recording studio project Sir George Martin of Beatles fame built in Montserrat. During the 80's his vision was to allow artists to go there and be free to create....Stevie Wonder, Jimmy Buffett, The Police and Sting, Earth Wind and Fire, The Stones, Paul McCartney, all partook. The big release from there was by Dire Straits about the time MTV started...Hurricane Hugo hit in 1990 and ended the whole thing, as well as later the volcano there erupted. Pretty good documentary.
|