Word: karle
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Dates: during 1970-1979
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When U.S. builders set a new record last year by starting 2.1 million homes, no one was happier than Max H. Karl, a neat, bespectacled Milwaukee lawyer. With the upsurge in housing providing the push, Karl's MGIC Investment Corp. put a huge dent in what was once the sole domain of the Federal Government: home loan insurance. Today MGIC (pronounced magic) has $6.5 billion worth of insurance in force, compared with $12 billion insured by the Federal Housing Administration...
That is an especially impressive record considering that Karl, now 61, started only 14 years ago, with $250,000 borrowed from friends, to compete against the Federal Government in a field in which private enterprise had failed dramatically. What MGIC does essentially is guarantee that it will pay any losses a mortgage lender may suffer if the homeowner cannot meet his monthly payments and the house must be foreclosed. After the Depression wiped out poorly financed private insurers, Government agencies, principally the FHA, were the only source of mortgage guaranty insurance, which most bankers and other lenders require...
...early postwar years. But in the 1950s, savings and loan associations, the chief source of housing credit, began to shun FHA-insured loans because the agency had a rigid ceiling-5% when MGIC started-on the interest that lenders could charge to home buyers. By offering private insurance, Karl enabled S and Ls to obtain higher interest rates on secure loans and still cut the down payment below 20%. Moreover, Karl successfully slashed through the FHA's red tape. MGIC guarantees to approve or reject a home loan insurance application within 24 hours; the FHA takes a minimum...
...over-dotted rhythms of the overtures and in some imaginatively-ornamented solo passages. The flute and harpsichord playing, by William Bennett and Thurston Dart respectively, is first-rate. But this is just another rendition with tempos quicker than usual. If you are wearing out your old Herman Scherchen or Karl Ristenpart' discs, then this would be a good replacement...
...Karl Marx would laugh a knowing laugh in the midst of our presidential campaign. Deprived of an idol who somehow seems capable of transmitting a sense of purposeful unity and of moral social enterprise, longing for a human god to awaken us to our future and to make idealism fashionable, the activists of our country, the students of the first moratorium and their parents, the New Frontiersmen, retreat into despair and acknowledged political impotence...