Word: ls
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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...
...Abolish, over 5½ years, all ceilings on the interest rates that banks and S and Ls can pay to savers. The savings institutions could then pay, even on ordinary passbook accounts, any rate that they thought necessary to attract money. They can do this now only on $100,000 certificates of deposit, or $1,000 CDs running four years or longer...
...Wipe out many of the distinctions between banks and S and Ls, permitting each to invade the other's turf. S and Ls, which now concentrate on making mortgage loans, could offer checking accounts, credit cards and consumer loans. Banks could accept savings accounts from corporations, which only S and Ls can do now, and would be encouraged to expand mortgage lending. Regulations on loan size and collateral that now restrict banks' mortgage lending would be eased...