Word: mortgagees
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Dates: during 1980-1989
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Souers had an attractive 8¾% mortgage on a four-bedroom colonial house in River Edge, N.J., that had cost him $68,000 in 1977. He was working in New York City for the Sperry Corp., but Marriott wanted him to move to its corporate headquarters in Bethesda, Md., outside...
Marriott, though, was prepared for the problem. In addition to the salary increase, it offered to buy Souers' New Jersey house for a price determined by averaging two independent appraisals, to pay up to a five-percentage-point difference between his old mortgage and a new one, to pick...
Souers and his family are now settled in a five-bedroom colonial house that cost $153,000 and has a 13.5% mortgage. Says he: "If Marriott had not offered the generous relocation benefits, I would not have moved. It would have meant either decreasing my quality of housing or decreasing...
The Washington-based Employee Relocation Council, whose members include 800 companies that transfer some 300,000 employees yearly, reports that two-thirds of its firms offer transferred employees some form of home purchase-price guarantee. Some 76% of them will also pay employees a mortgage-interest differential to compensate for...
But the postwar golden age of American housing (all those folks grinning out at the Eisenhower years from their patios, their barbecues) may have overdone the home comforts. It diverted billions that perhaps should have gone into the nation's industrial plant The Reagan Administration (for all its warm...