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PAGE 4 April 29, 2009

The Newscaster/Nature Coast News

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Real Estate Today

lem arose.

A Guest Commentary by Darryl Diamond

But Carolyn’s legacy will not be her involvement and leadership in community

The ABC’s of AIG

projects or her standing as the “go-to” person in Inglis. Her legacy will be her service and

mortgage lenders, and the such.

dedication to all of her constituents. She never shut the door on anyone, she kept her phone

Cornelious Vander Starr started an

The federal govern-

number listed, and if you tried to reach her she was there or she would get back to you. The

insurance firm in 1919. He ran it as two com-

ment recently took action to

fact that she garnered more votes than anyone else in every election in which she was on the

panies until his death in 1968. One company

prevent the default of thou-

ballot speaks volumes about her service.

named C.V. Starr handled domestic insurance

sands of sub prime loans, by

I didn’t agree with every initiative Carolyn took while she was our mayor, nor do I

needs, and was based out of Delaware. Starr

use of approx. 700 Billion of our

agree with her on every issue. But there is no person who I trust more and have depended on

International Co. handed foreign affairs based

tax dollars through The Troubled Asset Re-

as much in the 22 years I have managed a retail business in Inglis than her: She was, and still

out of Panama.

lief Program or "TARP ". This program has a

is, the heartbeat of our community.

After his death in 1968 the two com-

goals of working to solve the mortgage de-

Bill Lake is now our mayor and I believe he will carve his own niche in our community.

panies essentially merged into the American

fault, and foreclosure situation, which will then

Once you wade past that New England veneer, (which is a bit foreign to us native Florida

International Group (AIG) and went public in

insure that the banks will keep on offering

Crackers) you realize Bill is an intelligent and caring guy. I look forward to his tenure.

1969. This huge insurance company was suc-

financing to the present crop of home buy-

But Bill will be the first person to tell you that you do not replace a Carolyn Risher: You simply

cessful for many years. In 1998 AIG started to

ers.

learn to go on without her at the helm.

insure collateralized debt obligations (COD’s)

I’ve said it before, and I’ll say it until

Good luck Carolyn, and oh yes, I promise that Food Ranch will never run out of gummy bears

which are complex financial instruments that

it sinks in. You new home buyers, in addition

as long as I am there.

basically insure mortgage loans. Only a small

to establishing adequate credit over time,

amount of these first insurance (COD’s) in-

please take the time to save a nice jumbo down

volved sub prime loans, however starting in

payment of at least 20% for your next home

March of 2005 AIG started to back sub prime

purchase. Make believe that you are embark-

loans to the tune of 63 billion worth of expo-

ing on the biggest purchase of your life, be-

sure.

cause you know what, for the average per-

Seeing potential wind fall profits,

son, it is. Then always have a nice cash cush-

AIG’s once pristine balance sheet was loaded

ion for "The rainy days" in your life, losing

up with insuring more and more illiquid COD’s

your job, health problems, a sudden death,

which were essentially loans that most

etc. It will help you, and it will help avoid any

borrower’s could not pay. One of the many

future financial meltdowns.

problems that is affecting all of us today, is

Diamond Investments Inc. Darryl,

that companies such as AIG that are insuring

Vicki, and Shirley are "The Diamond Team"

financial instruments are regulated by the in-

We are seasoned professionals that are avail-

surance industry.

able for your real estate needs 7 days a week.

It may make more sense to have the

If you are a buyer, or know a buyer we want

"The Florida Dept of Financial Services" have

the opportunity to serve them. Please call us

a part in the regulation of such businesses in

at 352-447-4442. I’ll see you around "The

the future, as they do with mortgage brokers,

Campus

Speed reduced on C.R. 491,park entrance project

Motorists will have to slow down beginning Tuesday when they go past the Central

Ridge Park on County Road 491 north of Beverly Hills. The speed limit will be reduced to 35

miles per hour because of construction of two turning lanes, and the existing lanes will be

narrowed to 10 feet. Survey crews and equipment were scheduled to be present near the park

entrance Tuesday. The project will create two new turn lanes into the park. The actual con-

struction is scheduled to begin April 29. The project will take about a month to complete and

The Citrus County Veterans Coalition Continues to work in assisting veterans and veterans’ families in

is a joint project with the FDOT as a Small County Outreach Grant program.

need. Secretary Richard Floyd and 2nd Vice Chairman Ray Michael present Carol Cannon with a

donated Chevrolet Celebrity. Carol is the widow of an 18 year Army Veteran and has had no transpor-

Specializing In Well & City Water Purification

Specializing In Well City Water Purification

tation for several years.In the photo: Left to right CCVC Secretary Richard Floyd: Recipient Carol

Cannon: CCVC 2nd Vice Chairman Ray Michael.

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