Word: kadilac
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Dates: during 1980-1989
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...though, lenders, home buyers and builders were shaken by the sharpest mortgage-rate run-up in years. The interest-rate hike may prove to be temporary, but it caused a minor panic. "The rise was so sudden that most consumers are still dazed," says Eric Fessler, vice president of Kadilac Funding, a Long Island, N.Y., mortgage company...
People were frightened, and not just about stocks. Said Eric Fessler, a loan officer at Kadilac Funding, a mortgage and personal-finance institution in Carle Place, N.Y.: "I got flooded with so many calls I could not work. Half wanted to know whether interest rates will now shoot to the heavens. Another half wanted to know if the depression was coming...
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