Word: two
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Dates: during 1970-1979
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DIED. Samuel Sandmel, 68, scholar, lecturer and internationally recognized authority on the New Testament and its relation to Judaism; in Cincinnati. A Navy chaplain during World War II and the author of 17 books (including We Jews and You Christians, in which he examined the common roots of the two religions) Sandmel, a native Ohioan, lectured on Jewish literature at Vanderbilt University before joining Hebrew Union College-Jewish Institute of Religion in Cincinnati, where he taught for 26 years...
...first signs of a housing decline are evident around the country. Average mortgage rates have jumped over two points since January of 1978 to 11.2%, and in California, Colorado, Indiana and other places they are 13% or 14%. Monthly payments are often no longer listed in the handy books real estate agents carry, and salesmen have been forced to use hand-held calculators to compute the numbing bill. Residential loans in Washington, D.C., have virtually halted...
Worse than the high interest rates is the sheer shortage of mortgage money. Usury laws in two dozen states limit interest rates to below 13%. Thus many banks and savings institutions have stopped making loans because it is impossible for them to earn any profit. Traditional lenders are also running short of cash because people are transferring funds from savings accounts to booming money market funds, which invest money in high-yielding securities and pay twice as much as passbook accounts. Perhaps three-quarters of the savings and loan associations in Chicago have stopped making mortgage deals...
...reason for New York's continuing co-op strength is the presence of moneyed buyers, including many foreigners, who do not need or care to bare their finances to banks; nearly two-thirds of the city's co-op purchases are all-cash deals. Elsewhere, bankers and brokers are devising ways to ease the credit pinch on buyers. Some California brokers arrange deals whereby the seller acts as his own bank; he agrees to turn over his condo to a buyer in return for a so-called trust deed, which requires monthly payments directly from the buyer...
DeLorean alleges that in the early 1960s, Chevrolet had two moles working in Ford's product-planning area. "For a price," he says, they "passed on new product information...