Word: vir
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Dates: during 1970-1979
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...mawkish finale that seems inspired by Who's Afraid of Vir ginia Woolf?, the film calls attention to all of Wertmuller's worst habits. Characters are forever letting loose with faddish and fatuous pronouncements about the connections between love and power. Loud music and pounding drums on the sound track accent the script's most histrionic moments...
...daughters of powerful politicians. The feminist crusade has lately recruited many of them, and they were at Houston in large numbers. Cynthia Baker, Daughter of Senate Minority Leader Howard Baker, was a delegate at large; Cecilia Apodaca, wife of the Governor, was a delegate from New Mexico; the West Vir ginia delegation included Sharon Rockefeller, the Governor's wife. At Houston, Helen Milliken, wife of Michigan's Governor, declared herself "a newly proclaimed feminist?I used to think it was a bad notion...
...Congressmen pressured the board to withdraw a similar proposal for variable interest rates (VIR), but that was before a credit drought drove home-mortgage rates to more than 10.5% last year and dried up housing construction. Unless Congress specifically votes down the idea, federally chartered savings and loans will begin offering the new VIR mortgages in about six months. Borrowers would then be able to choose either VIR or fixed rates on their mortgages...
Consumer groups in the past have opposed VIR on grounds that the mortgage rates would probably rise-at painful cost to people on fixed incomes. Opposition may well be less now. Under Bank Board Chairman Thomas R. Bomar's proposal, variable rates could go up no more than 2.5% over the life of a mortgage and no more than .5% each six months; a .5% increase would amount to about $12.50 per month on a $30,000 loan. Last month two of the largest California S and Ls, which are non-chartered and thus not subject to the bank...
...VIR advocates, including Federal Reserve Chairman Arthur Burns, say that the innovation would lead to lower rate levels. One reason: new mortgage borrowers would not have to compensate banks for mortgages that were negotiated earlier at unprofitably low rates. Bankers estimate that if rates had been floating since 1960, they could now be a full point lower than the present 9.4% average on new mortgages. In addition, U.S. mortgage rates are expected to ease this year, and so the first experience of home buyers assuming floating mortgages could well be a shift downward...