Priorities, priorities: Instead of attending committee meetings Monday night, three Terrebonne Parish Council members were in the Louisiana Superdome watching the undefeated New Orleans Saints beat the New England Patriots. Councilmen Joey Cehan, Billy Hebert and Clayton Voisin wrote letters to the council saying each of their absences from Monday’s meetings was for either an “out-of-town business commitment,” a “previously scheduled business engagement” or an “unexpected business commitment.” Parish law gives the council the authority to decide whether a member’s absence is “reasonable.” If it is determined not to be, the absent council member is docked $25. Council members are paid $1,056 per month, roughly $12,667 a year. Council Chairwoman Arlanda Williams says she hadn’t heard that her colleagues were at the Saints game and had not questioned the validity of their letters. Williams says she will talk to each councilman.
Continuing to fall: The average interest rate for a 30-year mortgage dropped to a record low of 4.71% this week, pushed down by an aggressive government campaign to reduce borrowing costs. The rate is the lowest since Freddie Mac began tracking the data in 1971. The previous record of 4.78% was set during the week ending April 30 and matched last week. The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market.
