Word: mortgagees
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Dates: during 1980-1989
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Challenged on his anti-inflation program, Carter took the offensive. The results, he claimed, were "far exceeding our expectations." The prime rate, he said, was falling a point a week, and mortgage rates were headed toward 13%. "My prediction to you is that in the summer we will see substantial...
With dramatic suddenness, America's interest-rate fever broke last week. The bench-mark prime rate, the interest that banks charge their best corporate customers, dropped from 20% only four weeks ago to 17%. The popular $10,000 six-month money-market certificates, which carried Golcondan interest payoffs of...
Similarly, consumers are shying away from the mortgage market regardless of lower lending costs.
Jack Carlson, chief economist of the National Association of Realtors, says that the largest group of borrowers deserted the home-buying market when rates went above 14% and will not return until interest goes back below that level. Currently, mortgage money costs approximately 15% across the country.
With $18,000 from a second mortgage on his house, a few hand tools, and his wife as bookkeeper, Robert Ozuna in 1967 founded an electrical contracting firm in his garage. Today his New Bedford Panoramex Corp. of Santa Fe Springs, Calif., occupies an 18,000-sq.-ft. building, employs...