Word: bren
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Dates: during 1970-1979
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Subsidizing the Mortgage. To spur sales of houses, developers in Southern California, Texas and Michigan have adopted gimmicks that temporarily reduce mortgage rates and thus cut monthly payments of buyers. At the new town of Valencia outside of Los Angeles, Builder Don Bren sold $1,000,000 worth of homes in three weeks; for three years, his customers will pay only 6% interest on their mortgages, instead of the 8½% to 9¼% rate prevailing in the area. After the three years, the owners must refinance the loan. The refinancing could involve lower interest rates than at present...