Hondo Anvil Herald (Hondo, Tex.), Vol. 101, No. 46, Ed. 1 Thursday, November 12, 1987 Page: 26 of 39
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Classified, cont...
ffs
1973 United mobile home,
12x44, 1 bedroom, 1 bath
with water, dryer, refri-
gerator and atove. Good con-
dition. For more informa-
tion contact Rueaell Beard
or Liu Wemette at 426-
3357. 10-29-tfc
We dull always remem-
ber with deep gratitude your
comforting expression of
sympathy.
Thje family of
Roy Drake
11-12-ltp
New 4 bedroom, 16x80
only $19,997. special fac-
tory clearance sale. 15
month warranty, 5ft down,
180 monte @ 14ft, only
$219.98 mo. Call 675-
4663. 10-22-6tp
Save my credit. Behind 2
payments, beautiful mobile
home. Call Steve or Carlos
675-4663.10-22-6tp
Make offer! repossessed
Redman doublewides and
singles at tremendous sav-
ings. Financing available.
Dealers welcome. Also new
home below cost. 675-
4663. 10-22-6tp
Looking for a new mobile
home?Badcredit?Goodjob,
we can help. Call 675-4663.
10-22-6tp
New 16x80 - 4BR-2B, air,
furnished. 15 mo. warranty,
set up Was $27,607., now
only $19,984. Call 675-
4663. 10-22-6tp
1980 - 14x65 mobile home,
2BR-1B, very good condi-
tion, $9500. 762-3861.
10- 1-tfc
Assume payments at $237
per mo. 14x80, 3BR-2B,
673-9393. ll-5-2tc
I BUY USED HOMES.
Call Jerry 673-9393.
11- 5-2tc
DIVORCED - MUST
SELL-ASSUME PAY-
MENTS. 673-9393.
ll-5-2tc
HANDY MAN’S
SPECIAL 2BR-1B. First
$2500 cash buys. 673-9393.
U-5-2tc
For sale: 1984 Oak Creek
doublewide, 3BR, 2B. Must
be moved. 988-2041.
11-12-2K
For sale: small mobile
home. Great for hunting
lease. $400. 426-4846 or
426-3627.11-12-ltp
WINTER'S COMING
Save $$$ on your utility
bills with this 3BR energy
saver mobile home. Storm
windows and extra insula-
tion keeps the cold out. All
appliances and A/C are
included for less thann $185
per month. Financing avail-
able with low down pay-
ment. Call 1-800-292-1345.
ll-12-2tp ___
Prayer to the Holy Spirit
0 Holy Spirit, Thou who
art all knowing, who brigh-
tens every path that I may
reach my ideal. Thou who
gives me the Divine Gift of
forgiving and forgetting
wrongs done unto me and
who in every instance of my
life art with me. I'd like in
this short dialogue to af-
firm, once again my grati-
tude for all your Blessings
and reaffirm, once again that
1 never want to part from
Thee, though the illusion of
material things abound. My
desire is to be with Thee and
all my loved onea in Per-
petual Grace. Thank You for
Your Mercy on me and
mine. Person should pray
three days without revealing
petition. Within three days
Grace will be obtained re-
ganllesa of how difficult the
petition may be. Ihiblish
this prayer once Grace is
obtained. FM. 11-12-ltp
REQUEST FOR BID
The City of Hondo is re-
questing bids for the pur-
chase of one copy n«*ii»
The minimum specifica-
tions for the copy nnrfiiw
may be obtained from the
City Secretary, City of
Hondo, 1600 Avenue M,
Hondo, Texas 78861.
The bids must be in the
office of the City Manager
by 10:00 am, Friday, Nov-
ember 20, 1987, at City
Hall, 1600 Avenue M,
Hondo, Texas 78861. The
bids will be publicly opened
and read aloud.
Bids will be awarded at
the meeting of the City
Council at 7:30 pm, Tues-
day, November 24,1987, at
the Hondo City Hall.
The City of Hondo re-
serves the right to reject or
accept any or all bids and
waive any technicalities.
Pub. Nov. 5. 12,1987
REQUEST FOR BID
The City of Hondo is re-
questing bids for the pur-
chase of two (2) new 1988
police vehicles. The mini-
mum specifications for the
cars ami the listing of op-
tional equipment may be ob-
tained from the City Secre-
tary, Gty of Hondo, 1600
avenue M, Hondo, Texas
78861. The bids must be in
the office of the City Man-
ager by 10:00 am, Friday,
November 20,1987, at Gty
Hall, 1600 Avenue M,
Hondo, Texas 78861. The
bids will be publicly opened
and read aloud.
Bids will be awarded at
the meeting of the City
Council at 7:30 pm, Tues-
day, November 24.1387, at
the Hondo Gty Hall.
The City of Hondo re-
serves the right to reject or
accept any or all bids and
waive any technicalities.
Pub. Nov. 5,12,1987
( Public Notice ~)
PUBLIC NOTICE
The Community Council
of Southwest Texas, Inc.,
will hold a public meeting
to accept nominations for a
representative of the poor
from Uvalde County to
serve on the Board of Direc-
tors for five years.
The meeting will be held
at the Sabinal Elderly
Nutrition Center, Corner of
Rhiner ft San Antonio,
Monday, November 16th at
1:30 p.m.
Nominees need not be
poor themselves, but must
reside in Uvalde County
which is the target area to
be represented.
Candidates nominated
will be elected through a
regular election on Decem-
ber 16, 1987. Voting polls
will be located at The Sabi-
nal Elderly Nutrition Cen-
ter, Comer of Rhiner and
San Antonio, Sabinal,
Texas.
Eligibility to vote will
be based on 125% of the
current HHS guidelines
which will be posted at the
polling place.
Pub. Oct. 22,
Nov. 12, 1987
WARRANTY DEEDS
DG J. Travis Lilly to
Janice dure Palmer the
surface only of an undivided
20 acres out of 721 acres,
more or less, comprising all
the Northern portion of
Mrs. Abi Clark Survey
1359, Abstract 1369,
Certificate 1064, and also
34-41/100 acres of land
being West portion of land
previously owned by RR
Redus, Medina County.
WD Hunter Schuehle to
Arnaldo Gonzales Lot 1,
Block 3, LaCoste Heights
Subdivision, City of
LaCoste, Medina County.
WD Gooding Oil Inc. to
Asell Clayton an undivided
51ft interest and to Glenn
Gooding and wife, EUeen
Gooding an undivided 49ft
interest in 1.0505 acre, out
of Survey 424, Thomas J.
Adams, Abstract 25, located
about 1.8 Bales N 21° W of
Hondo, Medina County.
WD Thomas Moody Jr.
to Deborah G. Moody an
undivided 1/2 right, title and
interest in and to 161.886
acres, more or less. Survey
19, Abraham Smelser, Ab-
stract 838, Medina County.
WDVL Donald E
Hamilton and wife, Biyllis
A. Hamilton to O. C.
Skiles Tract 96, Green Glen
Acres Subdivision, Medina
County.
WD Donnie C. Privett
and Judi A. Wyatt to
Roberta McGintock Lot
23, Block E Medina River
West, a subdivision in Me-
dian County.
WDVL Oladell Jenkins
Hovey to Kenneth P. Cook
and wife, Sybil E Cook
Lot 12, Koilman Oaks
North Addition, Unit 4,
City of Hondo, Medina
County.
WD Great Oaks Venture
to Veterans Land Board of
( Curd
l Of Ttanft
The members of Iota
Upsilon sorority would like
to thank the many people
who contributed items, phy-
sically assisted and in any
way participated in the re-
sounding success of their
annual rummage sale last
Saturday at Sl John's
Parish Hall. 11-12-ltp
f Card Of A
Thanks J
The family of Santos
Campos Ramirez wishes to
express their thanks and
appreciation to relatives,
friends and Father Paul for
their prayers, and the Guada-
lupana Society for the food.
Thanks to Guinn Funeral
Home. God bless all.
Mr. & Mrs.
Carlos Martinez
Mr. ft Mrs. Jose Rodriguez
11-12-ltp
( Card ^
y Of Thanks j
We would like to say
thanks to all who remem-
bered the family of our
Bessie, by your kind acts of
payers, flowers, food, cards
and memorials.
Your caring, loving and
kindness was a comfort to
the family.
Family of
Bessie Brocks
Have your mailbox taken care
of while away on vacation
An overflowing mailbox is, at
best, a way to damage or destroy
mail and, at worst, an invitation to
burglars, San Antonio Division
General Manager Joseph G. Schraer
warns residents throughout the
postal division area.
"Before you pack up and leave for
vacation, contact your post office
and ask them to hold your mail
while you are away," Schraer said,
"or arrange with a neighbor to take
in your mail and check your house
daily while you are gone."
Schraer said arrangements can be
made with your post office to hold
your mail up to 30 days by filling
out a Change of Address Order,
Form 3575, giving the dates that
you want your mail held at the post
office, or completing a special
"Hold Mail" local form available at
some post offices, or simply write
a note to your letter earner slating
the dates to hold your mail. The
request must be signed by the
requester.
If you return from your vacation
early, notify your post office to
resume delivery of your mail. Other-
wise, delivery will resume the day
after the ending date of your request
Schraer said the post office pro-
vides this service to prevent ear-
marking a home as a target for poss-
ible burglary and to safeguard the
mail for the customer.
The alternative may be letting
mail overflow from a receptacle,
possibly to be damaged by vandals,
animals or weather conditions, or to
be a clear signal that no cr.e is
home.
The Thanksgiving and Christmas
holiday season is approaching /'bin
many postal customers arc away
from home. Take precautions to pro-
tect your mail and home.
Public Records
\
The Hondo Anvil Herald. Thursday, November 12,1987, Page 11B
Medina County Montage
Sure of Texas 5.236 acres
of land being all of Lot 28,
Block E of Great Oaks Sub-
division-Phase □, Medina
County.
WD Great Oaks Venture
to Veterans Land Board of
State of Texas 5.237 acres
of land being all of Lot 27,
Block E of Great Oaks Sub-
division-Phase II, Medina
County.
WDVL Joy L Warner In-
dividually and Independent
Executrix of the Estate of
Thurlow Elwyn Warner Jr.
to Victor J. Wells 12.152
acres of land, more or less, a
part of Lot 12A, Block 6,
San Antonio Trust Sub-
division, a subdivision in
Medina County.
WDVL Medina Vista
Development Co. to David
Gomez and Ruth Gomez
Lot 30, Lakeview Subdivi-
sion, Unit I, Medina
County.
WDVL Paul E Ferguson
and Eva Ferguson to Paul
L Ferguson 5.0 acres, more
or less, being 4.32 acres out
of J.D. Calder Survey 30,
and 0.68 acre out of B.
Circher Survey 191, in Me-
dina County.
WDVL Lewis E. Tschir-
hart to Elton T. Tondre
0.737 acre being Lot 5,
Block 1, Range 7, of City
of Castroville, Medina
County.
SWDVL Great Oaks Ven-
ture to Paul K. Henley and
Cynthia M. Henley Lot 2,
Block D, Great Oaks Sub-
division-Phase 2, a subdivi-
sion in Medina County.
SWDVL Great Oaks Ven-
ture to Leandro V. Luevano
and Hermelita A. Luevano
Lot 8, Block C, Great Oaks
Subdivision-Phase 2, a sub-
division in Medina County
SWDVLGreat Oaks Ven-
ture to Carlos Macias and
Guadalupe Macias Lot 42,
Block E, Great Oaks Subdi-
vision-Phase 2, a subdivi-
son in Medina County
SWDVLGreat Oaks Ven-
ture to Michael A. Proscelle
and Yolanda O Proscelle
Lot 44, Block E, Great
Oaks Subdivision-Phase 2,
a subdivision in Medina
County.
SWDVLGreat Oaks Ven-
ture to Atilano Saenz Jr. and
Duana Saenz Lot 1, Block
F, Great Oaks Subdivision-
Phase 2, a subdivision in
Medina County
SWDVLGreat OaksVen-
ture to J.H. Wilkerson and
Faye S. Whereon Lot 21,
Block C, Great Oaks Subdi-
vision-Phase 2, a subdivi-
sion in Medina County.
WD Elva W. Hellen to
Charles William Hellen
Tract 1: 1.28089 acres of
land, out of NE part of
Block D, Fly Addition to
City of Hondo, Medina
County; Tract 2: 2.279
acres of land out of Survey
97, Abstract 1259, L M
Collard, Original Grantee,
.5 miles East of Castroville
and 17.2 miles N 89° East
of Hondo, Medina County.
WD Elias Ruiz and wife,
Maria R. Ruiz to Manuel
Reyes Jr. and wife, Eva B
Reyes Lot 5, Block 7,
Garwood Addition to City
of Hondo, Medina County.
WD Plymouth Capital
Co., Inc. to Insilco Corp.
2.456 acres, more or less,
Survey 22, Antoine Eralh,
Abstract 365, being Lot 5,
Block 1, of Fairwood Sub-
division, Medina County.
WDVL Miry Floerke to
Earl R. Walker and wife,
Ann Gay Walker B-5, Sur-
vey 1004, J.N. Berryman,
Original Grantee, Abstract
54, Medina County.
WD Rosa Reyes to Elias
Ruiz and wife, Mana R.
Ruiz Lot 5, Block 7, Gar-
wood Addition to City of
Hondo, Medina County.
WDVL Sammie Ada
So) lock and joined pro
forma by husband, James
Herman Sollock to John D
So)lock and wife, Susan
Sollock a portion of Lots 7,
10, 11, Block 32, NCB 58,
City of Devine, Medina
County
WDVL Juanita Valdez
Castillo to James R
Broyles 5 0 acres, more or
less, a part of Lot 7, Block
3, San Antonio Trust Subdi-
vision, a subdivision in Me-
dina County.
WD Franklin Wiemers
and wife, Alice Frances
Wiemers to Karla Wiemers
Pope 2.874 acres, Survev
581, William T. Evans,
Abstract 1377, Medina
County.
DG Minnie E. Boehle
and Shirley Boehle Muen-
nink to Clyde C. Muennink
0.090 acres out of Survey
20, Abstract 51, Wm Bryan,
Original Grantee, Medina
County.
DG Alfred B. Wiemers
and wife, Corine F Wie-
mers to Jonell Wiemers Tay-
lor an undivided 26.6418ft
interest in and to 56.6147
acres of land out of Survey
244, Henry Castro, Original
Grantee, Abstract 196, Me-
dina County.
DG Alfred B Wiemers
and wife, Corine F. Wie-
mers to Lucille Wiemers
Rhome an undivided
26.6418ft interest in and to
56.6147 acres of land out of
Survey 244, Henry Castro,
Original Grantee, Abstract
196, Medina County.
W'DVL Katherine Kesler
joined pro forma by
husband, Leroy W. Kesler
to Allen G. Tultlcbee and
wife Denise A. Tuttlebee
Lot 4, Block 2, Range 7
City of Castroville, Medina
County.
V
By J.A. Rios
J
For a third and final time this
year, the 13th will fall on Friday . A
triple dose of Friday the 13th will
not occur again until 1998.
Many people in our area, as else-
where around the world, are supersti-
tious about Friday the 13th. Friday
the 13th is considered the most
unlucky day except for those whose
birthday falls on the 13th.
There is a very ancient legend
about a goddess who was banished
to the mountains for practicing
witchcraft. It was believed that on
every Friday she summoned 11
others for a witches' sabbath. They
met with the devil, the 13th guest,
and planned mischief on mankind
The Greeks, superstitious souls
like most humans, had a word for
the fear of the number 13. It was
triskaidekaphobia. Throughout his-
tory, Friday the 13 th has been parti-
cularly potent because it has the
evil power associated with the
number plus the symbolic connota-
tion of the day Jesus Christ was
crucified. It has even been claimed
that Eve gave Adam the sinister
apple on a Friday.
Other superstitions, many of
them still believed today, associated
with Fridays include not going on a
long journey, not moving into a
new house, not starting a new job,
not cutting one's hair or nails, and
not turning over a mattress.
In England Friday was com-
monly known for centuries as Hang-
man's Day. That day was reserved
for executions and hangmen receiv-
ed 13 pence as payment for their
services.
Norsemen believed that 13 people
at a table was a bad omen. In
Nordic mythology, the god Loki is
credited with the death of Balder, the
god of light, after an encounter at a
banquet of 12 benevolent and one
malevolent deities.
In ancient Rome there was a Thir-
teen Club whose purpose was to
defy superstition. The club held a
dinner for 13 members on the 13th
of each month. Christian Romans
credited the origin of tnskaideka-
phobia to the 13 people present at
the Last Supper. Jesus Christ, the
13th member at the table, was tor-
tured and crucified.
Since Napoleon's time, a quat of
zieme, a professional 14th guest,
can be hired to give a dinner party
balance in France. Most people go
out of their way to avoid the num-
ber 13. The unlucky number is ab-
sent in city streets, tall buildings,
hotel rooms, hospital units, mon-
archy lists, and even registration
numbers. It has been estimated That
triskmdekaphobia is responsible for
unaccountable but notkl job ab-
senteeism, trip cancellations and re-
duced business transactions on the
13th of the month, especially if the
day happens to be on a Friday.
In the United States, 13 has patri-
otic cannotations. Our nation began
as 13 colonies. Our first and present
flags have 13 stripes. The number
13 is found on the green side of a
dollar bill several times. Two
mottoes, "E pluribus unum" and
"Annuit coeptis," contain 13 let-
ters. There are 13 steps on the pyra-
mid. The eagle holds 13 stars above
the eagle s head.
Superstitions about the number
13 will probably persist forever.
Movies have even capitalized on the
theme and eventually there may
even be a Friday the 13th chapter
13th.
THIS WEEK IN TEXAS HISTORY
A woman goes to the gallows
BARTEE HAILE
Nov. 13, 1863, from her cell in
the San Patricio jail, Chipita Rod-
riguez watched the sun rise for the
last time. Barring a major miracle,
by nightfall the elderly prisoner
would be dead and buried, the first
woman in Texas ever to go to the
gallows.
Over breakfast that morning, the
Irish residents wondered if the exec u-
tion really would come off as sche-
duled. Though many believed
Chipita to be guilty as sin, few
went along with the idea of hanging
a woman, particularly one well into
her eighties.
For years Chipita Rodriguez had
lived alone in a wood cabin near the
banks of the Aransas River. Wear,
riders caught after dark on the trail
between Refugio and San Patricio
frequently found cheap lodging at
her place, an essential ingredient in
the circumstantial murder case.
The evening of Aug. 25, 1.863,
John Savage knocked at Chipita's
door. Tucked away in his bulging
saddlebags were the proceeds of a
horse sale, six hundred dollars in
gold. Tempted by the wartime for-
tune, someone took an axe to the
sleeping guest, stuffed the body in a
gunnysack and dumped the deceased
in the neaiby river.
But within 48 hours the remains
were found floating in the Aransas
and a search of the Rodriguez
premises reportedly turned up the
missing gold. The aged innkeeper
and an acquaintance named Juan Sil-
vera were taken into custody and
chaiged with the grisly crime.
When Judge Benjamin Franklin
Neal, the circuit riding magistrate
for the Fourteenth Judicial District
of Texas, arrived six weeks later,
the defendants were not legally
ready for trial. That afternoon a
hastily assembled grand jury, pre-
sided over by the arresting sheriff,
returned the required indictments.
The selection of the 12 men good
and true to sit in judgment of Rod-
riguez and Silvera was as question-
able as the case against them. Three
members had served on the grand
jury, while four others were accused
felons whose charges were conven-
iently dismissed. Local office
holders and courthouse loafers made
up the rest of the panel.
In exchange for a reduced sen-
tence, Juan Silvera testified against
his co-defendant in the one-day trial.
During the speedy proceedings,
Chipita uttered just two words: not
guilty.
Convicting the frail figure of first
degree murder after only a few min-
utes of deliberation, the jurors were
home in time for supper. However,
in light of her age and the lack of
eyewitnesses to the killing, they did
recommend mercy.
Sticking to the letter of the law,
which demanded death for premedi-
tated mayhem, Judge Neal ignored
the well intended suggestion and
sentenced Chipita to be hanged.
Leaving San Patricio for his next
stop, the hard-nosed jurist assumed
the severe punishment would be
softened on appeal if not canceled
outright by the governor.
But Chipita's attorney inexpli-
cably withdrew the motion for a
new trial. Although a pardon prob-
ably was his for the asking, he
never bothered to petition the gov-
ernor for clemency. The lazy lawyer
simply washed his hands of the des-
titute client and cruelly left Chipita
to her fate.
Since no one believed that the
pitiful prisoner was in any real
danger of dying, frantic attempts to
halt the hanging came too late. A
prominent rancher hurried to San
Patricio the designated day to plead
M(&ule XXVII:
Collateralized Mortgage
Obligations
Article 2
In the last several years, an in-
creasing number of investors have
participated in home mortgage fi-
nancing through the purchase of
Ginnie Maes or Ginnie Mae bond
funds. This market, dominated by
institutional buyers for many years,
is now open to safety-concious, in-
come-oriented investors with lim-
ited funds.
The concept and administration of
Ginnie Mae pools are simple. Large
sums of capital are raised from
investors and then made available to
qualified home buyers for first mort-
gages. These mortgages, in addition
to the collateral of the underlying
property, are further guaranteed by
the U.S. government If the home-
owner defaults, the government
pays the mortgage. That's about as
much security as any investor can
hope for. These government-backed
mortages then serve as collateral for
Ginnie Mae pools. Homeowners
make their monthly mortgage pay-
ments, which, in turn, are dis-
tributed to investors.
Each month, investors receive a
payment that consists of both inter-
est due plus a portion of the prin-
cipal returned. If a mortgage is re-
paid early, the entire amount of the
'principal is then proportionally
returned to investors in the pool.
Because of the uncertainty of
early prepayments, no one can ac-
curately predict the life of a Ginnie
Mae pool. Investors who bought
high-yielding Ginnie Maes several
years ago, when mortgage rates
peaked, saw many of those mort-
gages prepaid as homeowners refi-
for Chipita's life only to learn that
the sheriff happened to be out of
town.
Ankles shackled, the condemned
woman slowly shuffled to a borrow-
ed oxcart for the one-way trip.
Riding atop her own coffin, Chipita
calmly smoked a comshuck ciga-
rette oblivious to the stares of both
the curious and the concerned.
From the sturdiest branch of a
gnarled mesquite, the noose dang-
led. The executioner climbed onto
the back of the cart, tightened the
rope around the neck of the passive
victim and jumped back to the
ground. He had forgotten the cus-
tomary hood, so the small crowd of
onlookers would not be spared the
ghastly spectacle.
A flick of a heavy switch spurred
the oxen causing the cart to lurch
forward. Because she weighed less
than a hundred pounds, the fall fail-
nanced at “lower rates. The good
news is, these investors received ex-
ceptionally high, guaranteed interest
on a short-term investment. The
bad news is, they didn't have the in-
vestment as long as they planned.
To eliminate much of the matu-
rity uncertainty common in Ginnie
Mae pools, collateralized mortgage
obligations, or CMOs, were intro-
duced in 1983 by The Federal Home
Loan Mortgage Corporation, or
Freddie Mac. Since that time,
CMOs have grown in investment
appeal, and in recent years, brok-
erage houses have begun to package
CMOs for individual investors.
The investment principal is basi-
cally the same as the Ginnie Mae
pass through. Large pools of cap-
ital, used for mortgages, are raised
from investors. Regular monthly
payments of mortgages create the
fund from which investors are paid.
That's where the similarity ends.
Whereas with the Ginnie Mae
pools, interest and principal pay-
ments from loans flow from home-
owners to mortgage pools to inves-
tors, CMOs use the pass-through
securities as collateral to create
another kind of bond, the collateral
mortgage obligation. Because the
government guarantees the collater-
al instead of the bonds themselves,
some ultra-conservative investors
are uncomfortable with this invest-
ment. The CMO shell corporation
actually owns the government guar-
anteed pass-through certificates, the ‘
investor owns the right to receive
income from them. It may be a
small point, but because of it,
many CMOs offer relatively gener-
ous yields to compensate the inves-
tor for any risk.
ed to break Chipita's neck. Denied a
merciful end, she strangled to death.
The horrified townspeople quick-
ly fled the scene leaving to the hang-
man the distasteful disposal of the
body. Without even the pretense of
a Christian burial, he interred
Chipita in an unmarked grave.
To the relief of uneasy residents,
several years later a bolt of lightn-
ing scored a direct hit on the substi-
tute gallows. Though the mesquite
tree was gone, San Patricio had a
ghostly reminder of its grim claim
to fame.
For more than a century, an eerie
apparition has been sighted in the
twilight along the Nueces River.
An old woman wearing a frayed
noose for a necklace glides silently
through the evening mist. Some
say that Chipita Rodriguez will for-
ever haunt the only Texas town that
hanged a woman.
An additional benefit to CMO
buyers is that because of CMOs'
flexibility in directing prepayments,
several classes of bonds with differ-
ent maturities have been created.
For example, investors with short-
term CMOs receive all early prepay-
ments of principal from underlying
mortgages. When all these short-
term bonds have been paid back,
prepaid principal goes to owners of
intermediate-term CMOs and then,
finally, to owners of long-term
CMOs until the entire CMO is re-
paid. In this way, the maturity of
CMOs are more dependable and
predictable than with a conventional
Ginnie Mae. Still, the exact
maturity of a CMO is impossible
to guarantee.
The weighted average life, deter-
mined by prepayment experience, re-
mains the only estimate of maturity
referred to in the prospectus. And,
even though there’s a possibility of
early prepayment, many CMOs are
designed so prepayments must be
made in minimums of $1,000. This
eliminates the typical dribbles of
prepayments as experienced with
some Ginnie Maes.
Like any investment, CMOs
have both positive and negative fea-
tures. As an investor, it's your re-
sponsibility to read the prospectus
and ask your broker to folly explain
CMOs before you invest In this
ever-changing world of investing,
the collateralized mortgage obliga-
tion is quickly earning a respected
position. However, like any invest-
ment you must fast understand it
and then decide if it fits your fi-
nancial needs. The generous yields
many CMOs offer could well com-
pensate you for any time end
trouble sport learning about them.
C
Financial Focus
)
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Hondo Anvil Herald (Hondo, Tex.), Vol. 101, No. 46, Ed. 1 Thursday, November 12, 1987, newspaper, November 12, 1987; Hondo, Texas. (https://texashistory.unt.edu/ark:/67531/metapth870677/m1/26/: accessed July 8, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Hondo Public Library.