Pledge/Prayer: President Peter
Song: Bill McLaughlin
Brents Card Game Winner: Angus
Happy Bucks
ANNOUNCEMENTS
Jason:
The Turkey Drive is in full swing. Donation boxes are set up at the Liberty Bank branches and so far $75 has been raised. Everyone is encouraged to stop in and make a contribution. Our club will donate all our happy bucks for the month of November toward this project which provides turkeys for needy families for Thanksgiving.
Ron Scott:
A driver is needed to transport students attending RYLA in Stratford on Friday, Nov. 2. They need to be picked up Sunday, Nov. 4.
Paul:
Brochures are ready for pickup and distribution. Forms for RI Foundation donations are also available.
Brent:
Thanks to Andy for hosting the gold outing at Black Hall last Thursday. Andy and Bob Hester handily beat Brent and Paul? according to Andy. Brent disputes this.
Marty:
The Wine Tasting committee has been active and many decisions, including the caterer and food choices have been made. Matt Rubin is first off the line on ticket sales with 6 tickets paid for. There will be a ticket sellilng contest with the Rotarian who sells the most tickets getting 2 tickets free so SELL, SELL, SELL!
PROGRAM:
The speaker was Diane Neligon of Webster Bank. Diane started her talk by saying the media has distorted the facts on the current situation in mortgage loans. While she acknowleges problems in the Sub-Prime lending area, Diane feels the overall health of banks are not in peril and the real estate market will not be greatly affected. She also talked about other mortgage instruments and some of the changes taking place. No-Income Verification loans are only available to business owners. Equity loans cannot be used for business purposes. 100% financing is not available in this market. The current problems we see in the news has to do with 2/28 loans which are basically variable loans. The first 2 years are fixed and thereafter, rates can be adjusted. Many people are finding themselves unable to afford the new rates which shot up after the initail fixed rate period.
md
