THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, March 11, 1995 TAG: 9503100016
SECTION: FRONT PAGE: A10 EDITION: FINAL
TYPE: Letter
LENGTH: Short : 22 lines
Regarding Jim Wright's March 6 column (Perspectives page), which discusses the problems Jack and Susan Williamson had because their variable-rate mortgage has increased: What Mr. Wright failed to mention is that Jack and Susan did not have to use a variable rate; they could have used a fixed rate. If they had, the changes the Federal Reserve Board made in the interest rate would not have affected their mortgage.
Jack and Susan gambled - and they lost. It was not the fault of the Federal Reserve Board.
RAYMOND CICIRELLI
Portsmouth, March 6, 1995 by CNB