Word: bomar
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Dates: during 1970-1979
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Consumer groups in the past have opposed VIR on grounds that the mortgage rates would probably rise-at painful cost to people on fixed incomes. Opposition may well be less now. Under Bank Board Chairman Thomas R. Bomar's proposal, variable rates could go up no more than 2.5% over the life of a mortgage and no more than .5% each six months; a .5% increase would amount to about $12.50 per month on a $30,000 loan. Last month two of the largest California S and Ls, which are non-chartered and thus not subject to the bank...