Word: ls
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...California with $30 in his pocket in the late '30s. He wrote radio-and screenplays ("I'm a lot prouder of some of the mortgages I've written," he says), then took on an advertising job for a mortgage broker. Later, when he moved into S&Ls, Lytton quickly proved himself a master of theatrical dazzle as he wooed savings accounts. He held art auctions and book fairs, gave away coffee and cake, loaded his sumptuous offices with endless tables of free gifts for new customers. When Washington stopped him from advertising such come-ons, Lytton responded...
...Much Credit. The big trouble was that money flowed in at a rate that strained Lytton's ability to invest it profitably. The collapse of the Southern California real estate market hit Lytton Financial hard, forcing its two subsidiary S&Ls to dispose of $56 million worth of foreclosed property in 1966 and 1967 at a loss of nearly $11 million. They still have $46 million more of foreclosed property on their books. To keep the capital reserves of the subsidiaries at the required level, Lytton borrowed through his holding company and lent them the money. Even so, those...
...keys to Mark's success are outsized, scooplike hands and a curious ability to flex his legs slightly forward at the knee-which allows him to kick anywhere from 6 in. to 12 in. deeper than his competitors. "Mark's whole body ls so flexible," says his father that the water just seems to slip past him. That flexibility also gives him an abnormally long stroke; in the butterfly he can swim the length of a 25-yd pool with only 13 strokes, while most swimmers require 15 or 16. "I'm slower...
...only 20% of a claim in cash while leaving the mortgage lender to take over foreclosed property. Allowed initially to operate only in Wisconsin, Illinois and Minnesota, M.G.I.C. lost $64,000 in its first year. In 1959, Karl shrewdly tied his fortunes to those of S & Ls, which had just won authority to make loans up to 90% of the cost of a house but were often hesitant to take such a risk. To make sure that S & Ls got the message, Karl soon persuaded eight elder statesmen of the industry to join his board of directors. M.G.I.C...
Stymied by Squabbles. Over the next 30 years, rising U.S. population and incomes are expected to create a demand for more new housing than the nation has built since the Pilgrims landed at Plymouth Rock. To finance it, S & Ls and mutual banks need more lee-way to attract and invest funds-partly to tap new sources of saving and partly to end the feast-or-farnine swings in mortgage lending. Builders have pressed for years to expand HUD's Federal National Mortgage Association into a central bank trading in conventional as well as FHA and VA mortgages...