Word: ls
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Dates: during 1970-1979
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...frantic competition for small deposits, banks and S and Ls are introducing higher-yielding varieties of $1,000, four-year CDs almost daily and touting them in blaring bold-headlined newspaper ads and breathless radio commercials. Last week these CDs generally paid 7½% annual interest, but many banks raised the effective return to 7.79% by compounding interest daily. Manhattan's Union Dime Savings Bank advertised $1,000 CDs at 8¼%; daily compounding raises the effective rate to a towering...
...been trying to dampen borrowing by being stingy in doling out reserves to banks, and early in the summer, Board Chairman Arthur Burns abandoned his attempts to hold rates down by jawboning. The board then became worried that depositors would pull their funds out of banks and S and Ls in order to buy higher-yielding Treasury bills or commercial paper, leaving the savings institutions with no money to lend at any price. The interest rate on 13-week Treasury bills has more than doubled in one year, to a record 8.32%. So the board decided to let banks...
...loans only to longstanding corporate customers. A would-be new borrower is out of luck unless it happens to be a giant company. In July mortgage interest rates staged the fastest one-month rise ever and are now as high as 9% where state laws permit. Some S and Ls are raising down-payment requirements from 20% to as much as 33% and making mortgage loans for only 20 years instead of 25 or 30 years, in effect pricing that dream house out of reach for millions of Americans...
...Nixon Administration gets its way in Congress, banks and S and Ls could actually heighten their bidding for savings in the future-and broaden it into a battle to provide the most generous terms on mortgage loans, personal loans and checking accounts as well. That is the goal of a sweeping set of legislative proposals that the Treasury unfurled late last week. The Administration will ask Congress...
...which finance more than half of all residential construction. Such institutions may well receive a net in flow of only $20 billion during 1973, v. $33 billion last year; in California, New York City, Washington, D.C., and some other areas, they have already suffered a net outflow. S and Ls typically pay 5% interest on passbook accounts and 6.5% on certificates of deposit that must be held for a specified time. Sophisticated savers are turning instead to Treasury bills that pay nearly 7%; commercial paper, a form of corporate lou, that yields 7.5%; and commercial-bank certificates of deposit, that...