Word: mortgagees
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Dates: during 1980-1989
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The U.S. housing industry, already creaking in the wind like an ill-maintained Victorian mansion, did not need the news out of Washington last week. The Federal Home Loan Bank Board reported that the nationwide mortgage interest rate rose to a blistering average 16.95% in early July, a record, and...
Largely because of the high cost of mortgage money, sales of new single-family homes dropped 17.2% from May to June. That depressed the annual sales rate of those homes to 408,000, the slowest pace since April 1980 when the economy was in a brief but sharp recession. In...
Casey last week refused to discuss his problems over past business practices. The lawsuit involved an agribusiness firm named Multiponics, which was set up in 1968 to acquire land owned by the company's founders and to operate it jointly in farming and related ventures. Casey was a director...
Judge Stewart ruled that the circular announcing the stock offering failed to disclose that about $2.7 million in mortgage debts had been assumed by the firm. The circular also said that the company owned seven operating farms, while the judge determined that two were not in operation, one was operating...
Even for the cash-flush oil industry, employees of Mitchell Energy & Development Co. near Houston enjoy some unusually lucrative benefits. Mitchell will finance homes for new workers through its own mortgage company at subsidized rates for up to six years. Executives marked for promotion can receive stock options worth as...