Word: brokering
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...with debt and competes unfairly against private lenders. For example, they contend that the corporation siphons funds from savings banks and savings and loan associations, which are prohibited by regulation from paying as much as Fannie Mae does to attract money from investors. Says Clarence Ostema, a Manhattan mortgage broker: "It is morally wrong for one Government agency to issue a stock when another Government agency, the Federal Reserve, can make it gyrate and allow speculators to make fortunes." Naturally, the Federal Reserve has no such intention, but changes in monetary policy do indeed affect the profits of the mortgage...
Pine Bluff (pop. 57,000) is Mid-America right out of Central Casting. There is a Main Street, an Elm Street, a kindly doctor and a lot of gossip. Things haven't changed very much since Sept. 2, 1918, when Arie Beall (pronounced Bell) and her cotton-broker second husband George had their only child, Martha. She went to private schools for six years, then to public schools when the Depression hit. She excelled at nothing, except perhaps having a good time. "I liked boys at an awful early age," she says, and in one of her high school annuals...
...Real estate broker describing New York's 42nd Street...
...toll. Insurance executives used to assume that loss claimants were honest; now the presumption is that many people cheat a bit. Greedy motorists and crooked repairmen conspire to kite repair bills and split the dividend. Noting that fire losses have climbed 15% so far this year, one Manhattan insurance broker says: "No one ever loses an old suit in a fire...
...small investor protect himself? A spokesman for the exchange offers some advice that can hardly alleviate the public's doubts about the financial solidity of many brokerages. An investor, says the spokesman, should ask his banker about the solvency of his broker. The customer might also demand a financial statement from his broker. And he would be well advised to take his securities from the broker and put them in a safe-deposit box. The exchange contends that 97% of its members are sound and only 3% face potential trouble. That raises just one question: Which...