Word: ls
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Dates: during 1960-1969
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...money will finance about 40,000 houses - 25,000 through S & Ls, with an average of $20,000 per loan, and 15,000 through FNMA, under a $17,500 loan limit in most major cities. That is about 6% of the gap between the indus try's current production and the 1,600,000 homes a year that the nation needs to keep up with the basic demand created by new families and increasing demolition of unfit dwellings...
Back in Business. Despite that gloomy outlook, the mortgage-money market has begun to ease slightly. S & Ls, which normally make more than 40% of all home-mortgage loans, are now soliciting business again in some areas. In California, Illinois and Texas, a few S & Ls have shaved mortgage rates, though charges of 7% to 71%, plus a onetime fee of 2% to 4% for making the loan, remain common in the West...
...will force several hundred banks that have been paying up to 51% to roll back interest rates on new deposits. Mutual savings banks will be held to 5% on all deposits. In most cases, savings and loan associations will be limited to 4¾% on passbook savings accounts. S & Ls in California, Nevada and Alaska, which have suffered badly in the competition with banks for deposits, will be permitted 51% . For bankers, the slowdown in deposits forced by the new ceiling undoubtedly will diminish the supply of money available for lending...
Chairman John Home of the Federal Home Loan Bank Board seemed to feel the same way. Calling the Reserve Board's action "minimal," he demanded among other things that action be taken to "reduce the widespread availability of certificates of deposit." With that, the HLBB handed S & Ls more power to fight back. Abandoning its only restraining weapon over S & L interest rates, the board suspended a policy cutting off S & Ls paying more than 4½% in most states (and 5% in California and Nevada) on passbook accounts from borrowing privileges at the twelve Federal Home Loan Banks...
...prevent wide-scale withdrawals and to attract funds for mortgages, Los Angeles' Home Savings and Loan Association, the nation's biggest, boosted the rate on regular passbook accounts from 5% to 5¼% , and on longer, 36-month savings to 5¾% . Other S & Ls followed suit but may be squeezed for profits at these rates because many are less efficient than Chairman Howard Ahmanson's Home Savings...