Word: thrifts
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...court, gives federal law precedence over conflicting state law. Federal S and Ls hold a quarter of home mortgages nationwide, and other S and Ls are threatening to seek easily obtainable federal charters if their state legislatures refuse to okay due-on-sale clauses for them. In the battered thrift industry, the decision is a welcome break that will prevent substantial losses. More important, improved cash flow for S and Ls should increase the amount of mortgage money available and eventually maybe even lower interest rates a bit. Mortgages from fed eral S and Ls that were passed along with...
...girls who are modeling Armani's fashions look as if they had raided a thrift shop and come out with clothing that wasn't in their size. Since my words will carry little weight, I'll turn to Dorothy Parker, who summed it up rather nicely in her short story Just a Little One: "You mean those clothes of hers are intentional? My heavens, I always thought she was on her way out of a burning building...
Last week federal regulators authorized yet another new savings vehicle: a 91-day certificate with interest pegged to the rate on high-yielding 13-week Treasury bills (current rate: 12.55%). The certificates, which will require a $7,500 minimum deposit, will become available May 1. The rate paid by thrift institutions will be .25% more than that given by banks, just as it now is for passbook accounts...
Economic policy has also had much to do with the decline of thrift. During more than a decade of high inflation, it was sensible to be a spendthrift because products would almost always be much more expensive later, and money saved lost buying power quickly...
...ASCs have also failed in their mission of helping to rescue beleaguered savings banks and S and Ls from financial failure. These thrift institutions are losing money at a catastrophic clip because they must now pay an average of 11.6% interest to attract deposits, while the mortgages and other assets on their books are earning only an average of 10.1%. Richard Pratt, chairman of the Federal Home Loan Bank Board, said last week that about 80% of the 3,900 federally insured savings and loan associations lost money in 1981 and that some 400 of them will...