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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Feb 01, 1979
Page
10
The South Carolina Senate backs removing the 9 percent ceiling on first mortgage loans, while the House approves a near identical bill. Critics warn rates could rise and federal loans already run near 100 percent, though supporters say market competition will unlock mortgage money.
The South Carolina House passed a bill to remove interest rate ceilings on first mortgage loans in a move hailed by banks and realtors. The measure would allow floating rates through June 30 1981 with Senate talks seeking 1983 expansion. Public comments emphasized broader loan availability and higher potential returns, while concerns about second mortgage rates and regulatory supervision were noted.
Justice Department spokesman confirms a federal inquiry into a marijuana smuggling ring in South Carolina near Darlington. Twelve men were arrested January 17, including Darlington lawyer John Etheridge, a political ally of Rep. John W. Jenrette.
North Augusta organizers oppose land policy changes and will gather at 7 p m in the Palmetto Federal building on West Avenue. The session will address finances legal issues and public relations as clubs seek to retain their Clark Hill lake leases.
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