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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 13, 1982
Page
20
The Fair Debt Collection Practices Act limits bill collectors' behavior. It bans calls at inconvenient times or at work after limits, disclosure of debts, or threats. It applies to personal debts and third party collectors, with specific rules on contact, notices, and legal actions. Violations allow lawsuits for damages and costs.
The federal government cuts the maximum rate on FHA and VA backed loans to 12 percent, the lowest in over two years, with a half point drop taking effect Monday. HUD Secretary Samuel R. Pierce Jr notes expected loan applications will rise, citing improving housing activity and economic revival.
The Dow fell 14.81 to 1039.92 and the NYSE index dropped 1.06 to 80.70 as professional investors sold heavily in a week of sharp swings. The NASDAQ OTC index hit an all time high while gold and oil stocks faced pressure amid policy and defense spending concerns. Big Board volume rose to 95 million shares.
Ford Motor Co recalling 79,362 82 and 83 model E and F series trucks for possible rear axle bearing nut loosening due to lock wedge displacement risking loss of rear braking or wheel separation. Also recalling 667 83 model F series diesels for hood hinge lift failure. Repairs free. about 75,000 in US, 3,200 in Canada, 1,700 export.
A federal appeals court in Washington upheld FCC rules that let AT&T enter the data processing business. The court found FCC action not arbitrary or capricious and within its authority under the 1934 Communications Act after challenges by eight communications groups.
Chrysler Corp. announced an additional 2100 U.S. autoworkers will be laid off Monday, bringing this week total to 4600 due to the week old strike by 10000 Canadian workers. About 1400 will be cut at the Detroit forge and axle plant and the Trenton engine plant. 700 at Indianapolis foundry Kokomo casting Kokomo transmission and New Castle Machining and Forge in Indiana.
JUDD'S SOLUTION dated 11-13-82 sets a limit of 20 minutes and rack total scoring rules. One row of letters forms a two word phrase. 7-letter words earn a 50-point letter value, hyphenated words allowed.
The Commerce Department reported a 0.1 percent rise in inventories to 515.3 billion while sales fell 0.3 percent in September, keeping the inventory to sales ratio at 1.52. Factory managers wait for stock depletion before new production, a sign the recession persists into Q4. All figures were seasonally adjusted.
Occidental Petroleum, the 12th largest U S oil firm, posts an 82 percent Q3 profit decline to 25.1 million or 3 cents a share as interest costs surge near 66 million and a 1 9 billion borrowings for Cities Service purchase weigh on results. Revenues rise to 4.4 billion. Beneficial and NYSE also report quarterly results.
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