Word: mortgagees
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Dates: during 1980-1989
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Today's high cost of borrowing has made the conventional longterm, fixed-rate mortgage as old-fashioned as Willy Loman's Studebaker. Virtually all banks in California stopped making such loans last fall. Hundreds of thousands of would-be buyers now simply cannot afford the big down payment...
Such deals, though, take business away from savings and loans or other lending institutions. Thus they are searching for ways to provide affordable mortgages, while still making a profit. Last month the Federal Home Loan Bank Board voted to allow savings and loans to issue variable-rate loans with interest...
Lenders like the new mortgages because they do not have to worry about the loans becoming unprofitable. Many financial institutions today still have mortgages on their books at 6% interest, at a time when they are paying 17% or more to depositors. But the variable rate loans are unpopular with...
Home buyers who shop around will find a bewildering array of other financing gimmicks. These include: ¶ The Short-Term Balloon. Popular in California, these loans base monthly payments on a 30-year schedule in order to keep them low, but they usually also demand repayment of 90% of the...
¶ Renegotiable Rate Mortgages. These loans, which are widely available in Chicago and Atlanta, give buyers more certainty than is offered by variable-rate mortgages. Interest rates are adjusted at regular intervals, usually between three and five years, but generally only by a maximum of 5% during the life of...