Word: ls
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...prevent wide-scale withdrawals and to attract funds for mortgages, Los Angeles' Home Savings and Loan Association, the nation's biggest, boosted the rate on regular passbook accounts from 5% to 5¼% , and on longer, 36-month savings to 5¾% . Other S & Ls followed suit but may be squeezed for profits at these rates because many are less efficient than Chairman Howard Ahmanson's Home Savings...
...fortunes of few separate areas of business are so closely linked as those of savings and loan associations and home building. S & Ls provide 43% of the money to finance new homes, put nearly all of their lendable funds into housing. Squeezed by the savings war, S & Ls have been forced to slash their mortgage lending, causing builders and lenders alike to forecast a severe slump within a few months in the already limping housing industry. "Not only are lenders refusing to talk to home builders about plans for this summer and fall," says Executive Vice President Norman Strunk...
...typical 25-year, $20,000 loan, that means borrowers must pay $131.94 a month instead of $125.83. Small though the difference seems, it raises the total cost over the life of the mortgage from $37,749 to $39,582. Loan rates have risen to 61% at some Detroit S & Ls, to 7% in Seattle, and as high as 7½% around Los Angeles...
Disguised Blessing. The scarcity of mortgage money is greatest in Southern California, housing's No. 1 market. Lytton Financial Corp. has fired 70 employees and, like several other big S & Ls in the Los Angeles area, stopped accepting new loan applications. That could prove a blessing in disguise, because the 14-county area suffers from a glut of 80,000 unsold new homes and vacant apartments-a year's supply. As a consequence, while California S & Ls have a manageable 5% of their assets tied up in such money losers as delinquent loans and foreclosed property...
...Angeles public has lately seized on the problems of the S & Ls as reason to take some of its money out of them. Chairman John Home of the S & L-supervising Federal Home Loan Bank Board gave that impulse a nudge not long ago by telling a Senate subcommittee that 25 S & Ls across the U.S., with $1.3 billion in assets, were on the board's list of "more serious problem cases," while another 46 give the board cause for "concern...