Word: lapin
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Dates: during 1960-1969
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...free-market auction," as Innovator Lapin calls it, will begin May 6 as only the first phase of the shake-up he has devised for Fannie Mae. Last week the Senate Banking Committee gave tentative approval to an Administration-backed bill that would convert the agency's main operation into a completely private company. If the bill passes, Fannie Mae will buy back the $142 million of its preferred stock now held by the U.S. Treasury. "We don't need the Treasury's money," says Lapin. Ultimately the corporation would be controlled by its 9,598 private...
...come to Washington to retain the status quo in the mortgage market," said Multimillionaire San Francisco Mortgage Banker Raymond H. Lapin, 49, when he took over the $28,000-a-year presidency of the Federal National Mortgage Association nine months ago. What was needed, he said was nothing less than "changes in structure, policy and objectives" of the nation's largest mortgage facility. Skeptics smiled wisely, knowing that such grand plans are often as not pulverized by the ponderous machinery of Government. Yet last week, when Lapin ordered a radical change in the way FNMA conducts its business, there...
...just when they are needed most to sustain housebuilding. When Fannie Mae moves to charge an increased discount, private lenders demand still larger ones. In its effort to conserve dwindling funds during the 1966 credit squeeze, Fannie Mae refused to buy loans larger than $15,000-a decision which Lapin says led to "pernicious inequities and market distortions" because "high-cost areas were effectively cut off from FNMA...
Auction in Reverse. Now, Lapin expects to free Fannie Mae from such problems. Instead of buying (and selling) loans at a preset-and infrequently changed-discount, it will hold a weekly auction in reverse. Bidders will not be buying, but competing for the right to sell Fannie Mae loans at some future time. Thus the private market will set the price, or discount, while FNMA controls the volume of its business probably $40 to $50 million a week.' For loans on new or used houses, the association will accept bids to deliver mortgages within either three or six months...
...Sergei Georgievich Lapin, 55, a protege of Party Chairman Leonid Brezhnev, was promoted to director of Tass, Russia's news agency and principal propaganda organ. Tass not only serves Russian newspapers internally but has a worldwide network of 200 men in 93 countries, including four in Washington, is often accused of using them for other purposes than news gathering. A onetime Tassman (1945-55) who later switched to diplomacy and became Deputy Foreign Minister, Lapin has spent the past two years as ambassador to Red China, but has been absent from his post for months because of Chinese demonstrations...