Word: ls
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...proposal, variable rates could go up no more than 2.5% over the life of a mortgage and no more than .5% each six months; a .5% increase would amount to about $12.50 per month on a $30,000 loan. Last month two of the largest California S and Ls, which are non-chartered and thus not subject to the bank board, abandoned fixed rates and moved exclusively to VIR. As an inducement, one is guaranteeing no rate increases for a year...
...Federal Reserve has eased off on its credit squeeze, interest rates are dropping and money is once more beginning to flow back into savings and loan associations. Eventually that should help housing and such allied industries as furniture and appliances-though not for many months, because S and Ls have to repay debts before they can start making new mortgage loans. The strike of 120,000 coal miners, which has badly deepened the recession in the past few weeks, seems on its way to an end; the United Mine Workers Bargaining Council finally accepted a new contract last week...
Savings and loan associations normally lend more than half of the mortgage money that home buyers use to purchase houses, but this year they have had little cash to hand out. From April through September, the S and Ls lost almost $2.8 billion in deposits as savers withdrew their funds to seek higher interest rates elsewhere. Now, though, the Federal Reserve has eased its credit squeeze, interest rates on competing investments are coming down, and in October the S and Ls took in an estimated $650 million of new savings. The inflow will have to continue for several more months...
...annual rate of 1.3 million, and seem likely to go even lower. Little money is available at any price. Savings and loan associations, the prime source of mortgage money, lost $582 million in deposits in July, as savers withdrew their funds to seek higher interest than the S and Ls...
...come up with the money to satisfy the big borrowers. Congress should enact an Administration-sponsored bill that would enable savings and loans to make consumer loans and enter other fields now reserved to banks. If they could make money from a broader range of services, S and Ls could compete more effectively with banks for funds...