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Spring Valley Citizen's Association, this is a reminder for
Thu Aug 20 7pm - 9pm
(Timezone: Pacific Time)
San Miguel Fire District, 2850 Via Orange Way, Spring Valley, CA (map)
Calendar: Spring Valley Citizens Association
Owner/Creator: google@springvalleyca.org
General membership meeting to discuss community issues and events.
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Spring Valley Citizen's Association, this is a reminder for
Tue Aug 11 7pm - 9pm
(Timezone: Pacific Time)
2554 Sweetwater Springs Boulevard, Spring Valley, CA 91977 (map)
Calendar: Spring Valley Citizens Association
Owner/Creator: google@springvalleyca.org
Otay Water District Headquarters
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* JULY 30, 2009 Guidelines Aim to Help Struggling Borrowers * Article * Comments (3) more in Politics » * Email * Printer Friendly * Share: Yahoo Buzz ↓ More o facebook o MySpace o LinkedIn o Digg o del.icio.us o NewsVine o StumbleUpon o Mixx * Save This ↓ More * smaller Text larger By RUTH SIMON The Obama administration plans to announce Thursday new guidelines designed to help struggling homeowners with Federal Housing Administration-insured mortgages. The guidelines implement changes enacted by Congress in May to bring the FHA's loan-modification program more in line with the White House's foreclosure-prevention plan. The Obama plan, announced in February, provides financial incentives for mortgage companies to reduce loan payments to affordable levels. The FHA doesn't have an estimate of how many borrowers are likely to be helped by the new program, said a spokeswoman for the Department of Housing and Urban Development, which is announcing the guidelines. Some 14.2% of FHA loans are at least 30-days past due and not yet in foreclosure, according to LPS Applied Analytics. FHA Commissioner David Stevens said the changes "offer borrowers an opportunity to stay in their homes, make payments that are manageable and defer [payment of] the money owed to a later time when, hopefully, home values have improved." Like the broader Obama program, the FHA plan seeks to reduce mortgage-related payments to 31% of monthly income. But it gets there in a different way, by focusing on changes in the principal amount rather than the interest rate. Under the FHA plan, mortgage servicers can reduce the amount of principal on which the borrower must make loan payments by as much as 30% to get monthly payments to affordable levels. The borrower makes the reduced payments for the life of the loan, but is responsible for paying off the full loan amount when the home is sold or the loan is refinanced. This approach is designed to fit guidelines set by Congress, FHA officials said. The need to bolster the FHA program was one of the many issues discussed at Tuesday's meeting between Obama administration officials and executives from 25 mortgage companies who were summoned to Washington this week to discuss efforts to improve and speed up implementation of the administration's housing rescue plan. Under the new guidelines, FHA borrowers can receive a loan modification after they have missed one loan payment, rather than waiting until they are at least three payments late, as in the past. This is different from the Obama program, which allows borrowers who are at risk of default to get help, even if they are current on their loan. The FHA can't offer similar help to at-risk borrowers, officials said, because it would run afoul of contracts with investors who buy GNMA securities, bonds made up of FHA and other government-backed loans. Mortgage servicers will receive incentive fees of as much as $1,250 for each successful modification. FHA officials said they expect the approach to save the government money by reducing foreclosure-related losses on loans the government insures. Write to Ruth Simon at ruth.simon@wsj.com Printed in The Wall Street Journal, page A6
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A list of events and activites for the month of August, compliments of: JasFREE Lowes 10% Coupons and Termite Reports at www.EastCountyHomes.Infoon Kardos, B |
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Pilot's son hopeful for salvage of plane
Officials: Closer study of WWII craft needed
By Ed Zieralski Union-Tribune Staff Writer
2:00 a.m. July 29, 2009
E.D. Frazar, who served in San Diego, flew an SB2C-4 Helldiver during his Navy service. - Courtesy of Richard Frazar Plane Recovery A Navy SB2C-4 Helldiver sank into Lower Otay Reservoir in 1945 and has remained there in obscurity until February, when an angler discovered it with his fish finder. A&T Recovery's divers shot the video during an examination of the wreckage. by Union-Tribune
More Videos
Read past stories about the plane at uniontrib.com/more/raising-helldiver.
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E.D. Frazar of Texas enlisted as a naval aviation cadet.
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Navy pilot E.D. Frazar prepared to board an SB2C-4 Helldiver.
Recovering the Navy bomber that was ditched 64 years ago in Lower Otay Reservoir will require further analysis that involves dredging, said officials overseeing the project.
"We have to get rid of silt that's covering the plane so we can study the plane's structure and integrity," said retired Capt. Bob Rasmussen, director of the National Naval Aviation Museum in Pensacola, Fla.
If the SB2C-4 Helldiver is salvaged and restored, it will go to his exhibit space - not the San Diego Air & Space Museum in Balboa Park. Jim Kidrick, president and CEO of the local museum, had expressed interest in keeping the World War II aircraft in San Diego.
"I'd like to clear up that there is no conflict between Jim Kidrick and me," Rasmussen said. "There won't be any argument as to where the plane will go. It's coming to Pensacola."
Richard Ansel Frazar of Texas, the eldest child of the pilot who flew the Helldiver, hopes all the engineering, financial and bureaucratic challenges can be worked out. It could take months to years to secure permits and raise about $500,000 for recovery and restoration of the bomber.
"As a retired Marine, I have a deep understanding of the significance of these things to veterans and patriots of all generations and ages," Frazar said.
The Helldiver has remained at the bottom of the lake since May 28, 1945, when its engine failed during a training mission and pilot E.D. Frazar had to ditch the plane. Frazar and his Army gunner, Joseph Metz, safely swam to shore as the aircraft sank.
In February, bass fishermen Duane Johnson and Curtis Howard found the plane on Johnson's Humminbird fish finder. Their discovery eventually led to the involvement of San Diego reservoir officials, Rasmussen and the aircraft-salvaging company A&T Recovery in Chicago.
Crews need to remove sediment from around the Helldiver to examine it more precisely, said A&T Recovery co-owner Taras Lyssenko. His divers inspected the wreckage July 23.
"That plane is too buried, just buried in mud," Lyssenko said. "We really didn't know the plane was that buried."
The San Diego Water Department and the state health department will have to approve the next phase of the project.
"They want to dredge on both sides to get a better look at the plane," said Nelson Manville, assistant city lakes manager in charge of the ranger-divers program. "We've done a lot of dredging. We'll offer our team to help, if it's needed."
San Diego will install a containment boom around the crash site to prevent the plane's fuel, hydraulic fluid or other hazardous materials from leaking into the city's supply of drinking water, Manville said.
In Houston, Richard Frazar said the Helldiver news has united his extended family "in an emotional and exciting way."
"My family has gone through some serious dysfunctions since my father died" of a heart attack in 1979, he said. "This discovery has brought the family closer together, and that's the way my dad would have wanted it."
The Frazar clan gathered for a meal last night, and the major topic was E.D. Frazar's life.
He was born April 11, 1923, in the tiny community of Winfree, Texas. His mother died when he was 9, and his father was left to raise nine children on the meager income earned from selling whatever fish he could catch from the nearby Trinity River.
Eventually, the father realized he couldn't provide for the entire household. So he sent some of his children, including 11-year-old E.D. Frazar, to live with relatives.
After conflicts arose between E.D. and his caretaker aunt, he struck out on his own with some clothes stuffed into a cardboard box. He stayed in a rice field where farmers had built a small shed to shelter their animals.
"He told me that he walked into town daily to find work and get whatever food the staff at one of the hotels could sneak to him," Richard Frazar said.
Leaders of the local Lions Club became aware of E.D.'s situation and asked if anyone could help. Club member Leonard Ansel and his wife, Lela, agreed to adopt the boy because they had no child of their own.
They raised E.D. and eventually celebrated his graduation from high school, then sent him to a military junior college in Kerrville, Texas. A physics teacher there taught students how to fly airplanes, and that sparked E.D. Frazar's love of aviation.
In 1943, Frazar combined his passion for flying and his sense of national duty by enlisting as a naval aviation cadet. He trained in Corpus Christi, Texas, and Pensacola before being transferred to San Diego.
After World War II ended, he left the active-duty Navy in December 1945.
In honor of his adopted parents, E.D. Frazar named the first of his five children Richard Ansel Frazar. He went into ranching and then worked for the U.S. Department of Agriculture until his death at age 56.
Growing up, Richard Frazar heard his father profess a lasting fondness for flying Navy aircraft.
"He missed being in the skies," Richard Frazar said. "My dad was a very, very patriotic person. He was just part of that whole generation of people who didn't hesitate to serve their country."
Union-Tribune
In the Union-Tribune on Page B1
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Jason Kardos is a San Diego native who was born in La Mesa, CA. & is an active investor/agent who buys and sells, including auctions & 1031 tax-deferred exchanges. GRI, RMS, CCRM, and Realtor.
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