Word: ls
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...banks and savings-and-loan associations stem a worrisome outflow of funds, the Government raised the maximum interest rates that they can pay to depositors. On ordinary savings accounts, the ceiling went up from 4% to 4½% for commercial banks and from 4¾% to 5% for S & Ls. At the same time, Washington perpetuated a dubious double standard by which the rich can earn more with their money than can citizens of modest means. Banks and S & Ls were empowered to pay up to 7½% interest on certificates of deposit of $100,000 or more held...
...succeeded the ousted Bart Lytton as president and chief executive officer of California's Lytton Financial Corp., a huge but ailing holding company with total assets of $682 million. Now Wellman is involved in conducting his most intricate operation yet, which, if successful, will transform three weak S&Ls into one thriving $1 billion enterprise...
...further in June. To make it easier to obtain housing money and thereby induce more people to buy houses, the Federal Home Loan Bank Board last week ordered a change. The board reduced the required liquidity for savings and loan associations from 7% to 61%; this means that S & Ls need keep $600 million less in reserves and will have that much more to lend on homes. The Administration also hopes that the Federal Reserve Board, by jiggering interest rates, will make mortgages more attractive to insurance companies, which have been investing money in long-term bonds that give better...
...stock market by age 18, moved west to sell fire insurance, took to buying up foreclosed property during the Depression when, as he recalled, the "worse things got, the better they were for me." And when things got better for Ahmanson, they were fantastic. Deep in both S & Ls and real estate when the California building boom hit in the 1950s, Ahmanson profited from both sides, selling not only the land but also home mortgages. Sensing yet another change, Ahmanson more recently turned to apartment projects...
Says California S&L Commissioner Preston Martin: "Lytton is such a good promoter that he promoted himself right into trouble." Happily for 175,000 depositors, the woes of Lytton Financial do not involve the subsidiary S&Ls, says Martin. Even if they did, the Federal Government stands behind every savings account with $15,000 insurance...