Newsstand Price 25¢ Oct. 14, 1981

is,

Bomeowt solutions to meet
oading increases in their monthly repayments
which the cannot afford.

““Gredit*” their savings to get them-
unions are predicting that selves through the current
the area may be only months high mortgage payments,”
away from seeing says Ron Davies, general
foreclosures as mortgage manager of the North Shore
payers exhaust their savings. Community Credit Union.

“And they're starting to

ANOTHER RAIL SPILL last Friday afternoon when the freight car

above amashed into piling as it was being unloaded from a barge wear 1. &
K Lumber at the foot of Philip Avemec in North Vancouver. The cas

Tel. 985-2131

Classified 986-6222

run out of savings.”

Already that credit union,
like others, has stopped
giving first mortgages,
because of the drain on
deposits caused by members
using savings to meet
mortgage repayments.

ow long people can go
on HOF none defaulting on
their mortgages depends on
the individual, he says. But
he expects homeowners
could run into trouble by
early next year.

Foreclosures will become
a problem in between six
months to a year if interest
rates don’t come down,
predicts Dennis Oram, loans

manager for the B.C.
Central Credit Union.
Glen McLaughlin.

mortgage - Manager of the
main Vancouver branch of
the Royal Bank of Canada,
thinks North
homeowners may be able to
stave off foreclosures longer
than in other areas because

Shore

he considers them more
affluent.

But like everybody else,
they're lookimg at solutions
on a short-term basis.

“People still can't accept
the interest rates that we
have now as long-term,” he
says.

. GAMBLING
“They're taking out one-
year mortgages gambling

CONTINUED ON PAGE A4

leaked soda ash and lost two of its wheels Into the water before lt could be
dragged off the smashed piling. (Terry Peters photo)

District
council

charged
with tax

option
‘scandal’

A CHALLENGE to
North Vancouver
District council “to
make— public -the—
scandalous tax
situation resulting from
council’s choice of tax
option” is being made
by a local citizens’
group.

The Committee for Fair
Assessments, which will
be pressing North Shore
councils to change their
chosen option for
spreading the tax load,
also demanding to know
“why facts and figures are
kept from the public.”

The committee maintains
that its chairman, Betty
Griffin, has been blocked at
both the assessment office
level and the council level)
from access to public in-

formation needed for her
presentation to District.
Griffin) says she was

refused comparative figures
as lo increases in taxagon for
vanous classifications — of
property or what the results

CONTINUED ON PAGE A110

WEDNESDAY:

Morning fog, then mainly
sanmy. A little warmer.

THURSDAY:
Lice change