Word: thrift
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...what effect is that having on the consumer's ability to borrow money to buy, refinance or build a house? For years the savings and loan institutions have provided most of the money for housing. However, the continued threat from the new funds has all but ruined the thrift industry, thus eliminating for millions of Americans the opportunity to participate in the real estate market...
...Administration is against key parts of a bill drawn up by the Federal Reserve staff that would provide rescue plans for troubled banks and thrift institutions, including S and Ls. The proposal would increase from $750 million to $3 billion the line of credit that the FSLIC has available to help thrift institutions. The FSLIC would also be given broader authority to move faster to rescue an S and L before its sores break into open wounds. Currently, aid can be given only when an S and L has almost failed...
...most controversial feature of the bill would permit banks or bank holding companies to take over weak thrift institutions. For that reason the bill is opposed by the U.S. League of Savings Associations, a lobbying group for the thrifts. Says a league spokesman: "It is the camel's nose in the tent that would lead to eventual interstate branching and interindustry combinations...
...thrift industry has mixed feelings about a host of other schemes now being drawn up to keep to a minimum the number of failed S and Ls. Among them...
...variable-rate mortgages, loans whose interest rates are not fixed for 20 or 30 years but go up or down as general interest rates fluctuate, will help the S and Ls match their mortgages to deposits. But such loans are not likely to constitute more than 25% of all thrift portfolios before the middle of the decade. Some S and Ls will not last that long and will feed the merger trend that has begun. But the survivors will be in a better position than ever to be the country's major mortgage lenders, tending once again to their...