European Stars and Stripes (Newspaper) - June 23, 1991, Darmstadt, Hesse                                Page 16 the stars and stripes sunday june 23,1991 lower cd rates make savings snapshot seem More by Chet Currier the associated press like a lame old mule in a pack of thoroughbred racehorses the Humble passbook savings account is making an improbable comeback these Days in the investment Derby. A. Its not that passbook accounts which have spent most of the last 20 years in Well deserved Disfavour have suddenly a discovered a new source of vitality. Rather falling a interest rate shave slowed the Progress of Many racier Sav Ings alternatives so drastically that the plodding passbook has almost caught up. By default. According to data published last month by the Bank rate Monitor newsletter Money Market deposits in the United states at Banks and savings inst Tut ions were paying an average interest rate of 5.22 percent. The average yield in Money Market Mutual funds As tracked by donor Huck a Money letter stood at 5.53 percent. The lowly passbook savings account coming up fast on the rail is paying in the neighbourhood of 5.01 percent to 5,09. Per a. A cent. $1,000 investment _ Andrews merchants Federal Bank . A Ger finance Center . Ger service Federal . Ger Pentagon Federal . Ger Keesler global Federal Federal . . . Italy. In Europe passbook savings accounts Are generally 0.5 percentage Points to 1.5 percentage Points behind  Deposit but More customers Are putting Money into them anyway a at least Tern Pora Rily banking officials say. Terry Weir vice president of marketing for service Federal credit Union in Kaiserslautern Germany said passbook savings accounts have become More attractive As cd rates have tumbled from 8 percent to 6 percent this year. A sure it has had an effect a a Weir said. A Money is moving out of  even Christmas club accounts Are gaining by default Weir said. Those rates Are set at the beginning of the year and cannot change so they have suddenly become somewhat attractive when compared with falling cd. Service Fedora la a Christmas club account will pay 6 percent this year for example which is higher than what the same institutions one year certificates of Deposit deliver right now based on a $1,000 investment. Despite such numbers financial advisers in Europe say passbook savings accounts Are not. The Best place to Park much Money because their rates wont certificates 6% 6.05% 5.45% of Deposit. 6 months certificates 6% 6.05%. 5.65% of Deposit 1 year passbook 5.55% 4,75% 5% savings i rates shown Are generally for balances Between a i $50 and $1,000. Rates vary above $1,000 source stars amp stripes Survey june 17 -21. Rise when interest rates Overall Start Ter creep Back up with economic recovery. Passbook savings rates typically Are kept Low by Banks generally never rising above 5.5 to 5.75 percent they say. And there a a Host of other investments to pick from that will deliver greater returns Over time. A _ a people choose passbook savings accounts normally because they Haven to looked at anything else a said John Ger Rish a certified financial planner in Rem seek Germany who caters to military clients. Quot its a matter of sophistication and education of the  Charles Fronstin a financial planner in Frankfurt agreed. The typical passbook savings account Holder. Quot is someone who a very conservative with a limited. Not offered 5.78% not 6.06% offered 5.85% 6.705% 5.85%. 6.38% a. A 15 month. 5% 5.25% 5.25% 5.09% a amps Susan hams knowledge of investing a he said. One positive feature that passbook savings accounts do hold is that they Are liquid investments meaning that customers can put Money in and take it put at will with certificates of Deposit an account Holder has to leave the Money untouched for a specified period usually six months or one year or pay a penalty for Early withdrawal. Fronstin and Gerrish however still done to think it makes sense to tie up Large sums of Money in passbook savings. A in the Long run you can find other investments that Are More attractive in terms of growth a Gerrish said. A passbook savings is pretty Well accepted to be the very lowest rate of return you can get on anything.�?�. A v contributing to this Story staff writers Dave Tarrant and. Randy Mcclain in Darmstadt Germany satellite Eye for seafarers Charles Trimble displays some of his company a navigational equipment which incur in rules satellite technology for global positioning. The technology which was do vol sped by the . Melita a ses satellites to determine a vessels  anywhere to the world with pinpoint accuracy. By Ellen James Martin the Baltimore Sun Are you a Veteran eligible to buy a Home with a veterans administration mortgage then done to let any Lender or real estate agent discourage you from pursuing the option. A go for it push ahead pursue it a advises Douglas Bregman co author of the paperback successful real estate negotiations. A the a loan could be an excellent Choice for you when you. Buy a Home a he adds. With a a loan you can borrow most or All of the value of the property. You Are allowed to finance some closing costs. And you will be shielded from having to pay the Lender Many costs associated with the mortgage a including any a a Points beyond the original mortgage origination fee. A Point equals 1 percent of the mortgage principal what is More the. Overall Cap on How much you can borrow with a a backed loan has in recent months been hoisted to $184,000, up from $144,000. That  qualified buyer can buy a More expensive Home without a big Down  a a loan is probably the most attractive Way for an individual to Purchase a Hortie a observes Charles Uinger a Branch manager for  mortgage the National lending company. A a Given All the pluses for the Borrower does it come As a Surprise that some vet crans Are steered away from taking out a a loan rather than a conventional or Cha mortgage it . Some real estate agents dislike a mortgages because they impose terms on the seller that Sellers like As much As cod liver Oil. Remember that virtually All real estate agents arc legally bound to represent the interests of the seller not the buyer s no matter How much time the agent has spent ferrying the buyer about looking at property. And How Many Sellers will gladly assume the responsibility for paying the discount Points for the buy Elk of their Homes discount Points Are paid by the seller to the Lender to make up for the difference Between the a mortgage rate and the usually higher Market interest rate. Appraisals also can be problematic for the seller and agent when a a mortgage is involved. To protect the Veteran from overpaying the a will not allow the Veteran to borrow for the Purchase of the Home any More than its appraised value. And a appraisers Are More cautious on How they appraise a property for a a loan a Uinger of Mac mortgage says. Many lenders Are afraid of the financial exposure and bureaucratic problems a a triggered by a soured a loan. So the same appraiser might put a lower value on a property to be financed by the a than say by a conventional loan Al linger says. A lenders done to like a Loans that default. That a because the Lender has to go through a very cumbersome process to recoup the losses he experiences a he says. Although a Loans Are backed by the government in Large measure remember that private lenders actually originate such Loans. While a a Cut appraisal a As a Low appraisal is known could prove irksome to a seller it could also Benefit the buyer if it leads to a reduction in Price. But a buyer who must compete with other contenders for a property May not want to attempt a a  in the buyers Market that.pre-. Vails in Many areas these Days Many Sellers will accept the terms and conditions tied to a a contract says Bregman a real estate attorney in Bethesda my. A the a is an especially Good loan in a buyers Market a he  Mutual funds the Mutual funds list did not arrive in time for this edition because of technical difficulties