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| will be PLO,’ declares | a7 a

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exiled W. Bank mayor. me

: Poland:
||@ report

— page 10 — sn aon — page 7 —

ia @ ‘Outrageous’ interest
=e | Fate pushes inflation

The record high interest rate of
19.06 per cent established last week
by the Bank of Canada has been
declared -‘‘outrageous’’ by - B.C.
Federation of Labor executive di-

TRIBUNE PHOTO—FRED WILSON

Housing

ae Jim Kinnaird.

Pp Fro test Working people are the vic-
iT rec as os ge anoercee ce mC es
| I »oO-
4 U Pp $ e ts pecially those who bought one year

ago in May, 1980 when-mortgage
interest rates dropped to 13.5 per-
cent.

With the current mortgage rates
ranging from 18 percent to 18.9
percent, families who must renego-
tiate mortgages must be able to pay
as much as $250 per month more in
bank payments — or sell to avoid
foreclosure.

Mortgage companies and banks, !
earning tremendous profits from
the interest rate boom, release no

Socred
re vival

a

As premier Bill Bennett anda
host of dignitaries came to
dedicate the new stadium
‘Monday at B.C. Place, their

‘thunder was stolen by about || | public information on the numbers
30 protesting tenants. plinomaict forced to sell, or fore-

_ ‘However the Tribune learned
from the Registry of Courts this
week that 3,867 mortgage fore-
closures were processed in Greater
Vancouver courts in 1979 and
1980. The figures cover all kinds of
foreclosures, but most are homes
and small business loans.

The figures do not reflect the
homes which were sold to avoid
foreclosure.

__. While Bank of Canada governor
_ Gerald Bouey and Liberal finance
minister Allan MacEachen hold
firm to the high interest policy, de-
claring the high rates are needed to
curb consumer borrowing and in-
flation, Kinnaird answered that the
policy won’t work. ‘‘Long goneare
the days when people could save to
make purchases like cars, houses or
~ major appliances. Working people
have to borrow money just to sur-
vive, and we are left with no choice
but to borrow at whatever usurious
rates are in effect.

See CURING page 3

TRIBUNE PHOTO—FRED WILSON