Veteran journalist Carl Hoffman believes he’s solved one of the great mysteries of the 20th century. In 1961 at the age of 23, Michael Rockefeller – son of New York Governor Nelson Rockefeller and a member of one of the richest and most powerful families in America ¬– travelled to remote New Guinea in search of primitive art for his father’s new museum.
Earlier this year, the Ohio Supreme Court ruled it was unconstitutional for the state to stop paying interest to people who were retrieving money they had forgotten about in dormant bank accounts, rent or utility deposits, and insurance policies. Now, a judge has declared what the new interest rate has to be.
The Ohio Supreme Court ruled Wednesday that when people claim “lost” money from the state’s Unclaimed Funds Program, the state must pay interest.
Local stocks are recovering this afternoon from an early morning plunge in the market. The Dow Jones plummeted nearly 500 points amid concerns about U.S. and global markets, but rebounded with news of significant cuts in key interest rates.
The state government is offering low-interest loans to hundreds of Ohio families hard-pressed to keep up with monthly mortgage payments.
As Governor Ted Strickland and Ohio legislators get down to work on hammering out a new two-year state budget, they are being pulled by activists on the political left and the political right.
Three years ago interest rates were at an all time low, and many people were taking advantage of it: buying a home instead of renting. But the buyer’s boom appears to be coming to an end as interest rates continue to rise. And that’s causing the Columbus rental market to be the tightest it’s been in years.
Rising home prices, low interest rates and increasing competition among lenders had brought a new type of mortgage to the market. The “interest only” mortgage is growing in popularity. Such loans do not require home buyers to pay any principal — thus lowering their monthly payments.