Business news digest

REGION

Spectrum Metal Finishing to pay $20,000 to OEPA

BOARDMAN — Spectrum Metal Finishing has agreed to pay a penalty of $20,000 to the Ohio Environmental Protection Agency to settle past hazardous waste violations at its metal finishing business located at 535 Bev Road.

The agency said the company addressed the violations and now operates in compliance with Ohio’s hazardous waste laws.

After a June 2005 inspection, Ohio EPA cited Spectrum with numerous violations, including failing to determine whether wastes generated at the facility were hazardous, to properly manage hazardous waste containers, to develop and implement a hazardous waste management training program for employees, and to develop a contingency plan.

Ohio EPA did not observe any releases of hazardous waste.

Spectrum performs metal finishing for architects, general contractors and metal fabricators.

NATION

Mortgage rates drop to lowest level since January

WASHINGTON — Rates on 30-year mortgages plunged this week to the lowest level since January after the government launched a sweeping new effort to aid the U.S. housing market.

Mortgage finance giant Freddie Mac reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.53 percent this week. That was down from 5.97 percent last week, and the lowest since the week of Jan. 24, when it was at 5.48 percent.

For 15-year, fixed-rate mortgages, rates averaged 5.53 percent, down from 5.74 percent last week.

From Vindicator staff and wire reports