Word: profitable
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Dates: during 1980-1989
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...part of large banks." Attorney Jackie Kleiner has filed suit against the First National Bank of Atlanta, alleging that it uses an artificial prime to discriminate among borrowers. Says Kleiner: "The prime rate is supposed to be the bank's cost of obtaining money, plus a small profit. But it turns out that the profits are obscene...
...solution has been for sellers to lend money to the buyers at a more affordable 11% or 12%. That cuts down on an owner's profit, but at least makes it possible to sell property in today's sluggish market. The National Association of Realtors estimates that half of home sales now involve some sort of seller financing...
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 charges that rise and fall with prevailing rates. The cost of the mortgage could be adjusted as often as each month according to an agreed-upon index, such as the yield on U.S. Treasury bills. Under this plan, a mortgage signed today at 15% might increase...
...allowing tenants to purchase their apartments would "remove the speculative pressure on rental housing." Sullivan said, adding that under the ordinance tenants would still be able to buy their homes as a "limited equity cooperative." providing them with security but not the chance to make an "enormous" profit by reselling the condominium...
...Cambridge City Council Monday sent to its ordinance committee a plan that, if adopted, would strictly limit the expansion of Harvard and other non-profit institutions into surrounding residential neighborhoods...