Word: mortgagees
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Dates: during 1980-1989
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Saito, the young, eager sales engineer, wears more modish togs and lives three miles away in a $62,500 four-room house that also has a well-cared-for garden. Saito bought the house two years ago with his own savings, plus loans from his company and bank. Despite monthly...
Banks and savings institutions have undoubtedly been hurt by the money funds, since their cheapest source of funds is deposits in checking accounts and low-interest passbook accounts. Saddled with billions of dollars' worth of unprofitable old low-interest mortgages, some thrift institutions are tottering on the edge of...
"If I didn't absolutely need this, I wouldn't be here," says Jesus Vigil, 53, a former construction worker disabled in an accident. He draws $340 in disability insurance payments, from which he pays a $126 mortgage and partially supports a son. He has the papers that...
As any mortgage seeker knows, S and Ls and savings banks do not now have much money available for new home buyers. Many S and Ls are quickly reinvesting any money deposited with them in high-yielding, short-term certificates of deposit with major banks, an understandable move aimed at...
To the folks at many S and Ls, though, that seems harsh. They say that their institutions will regroup and recoup, diversifying for the short term into other banking services, then re-emerging as mortgage lenders in a decade or so. Says Thomas Maley, chairman of Chicago Federal Savings and...