Variable Rate Mortgages: Hearings Before the Committee on Banking, Housing and Urban Affairs, United States Senate, Ninety-fourth Congress, First Session ....
U.S. Government Printing Office, 1975 - Mortgage loans - 495 pages
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able additional adjustment allow amount assets average basis believe benefit Bomar borrowers California Chairman changes clause Committee compete competitive concerned consumer contract contract rate cost decrease deposits effect escalator existing expected experience fact Federal Home Loan Federal Savings fixed rate mortgage flow fluctuations funds future gage going Government higher Home Loan Bank housing income increase industry inflation initial interest rate issue least lenders lending less limit loan associations Loan Bank Board lower monthly payment months mort mortgage loans mortgage rates offer operating option percent period permit portfolio position possible present problem profit proposed question raise reason reduce regulations result rise risk savers savings and loan Senator statement suggested term thrift institutions tion variable rate mortgages VRM's yield
Page 490 - wilfully and knowingly" provide a borrower with "false or inaccurate information," or to supply the borrower with information in addition to that required by the Act if the purpose of providing such information is to "mislead or confuse the customer or contradict, obscure or detract attention from the information req
Page 124 - and the information required by paragraphs (c)(x)(A)(9) and (10) based upon the actual initial contract rate. A copy of such note or other Instrument shall be provided to the borrower. (Sec. 5, 48 Stat. 132, as amended; 12 USC 1464. Reorg. Plan No. 3 of 1947, 12 FR 4981, 3 CFR, 1943-48 Comp., p. 1071). By the Federal Home Loan Bank Board
Page 295 - GEORGINE, PRESIDENT, BUILDING AND CONSTRUCTION TRADES DEPARTMENT AND HENRY SCHECHTER, DIRECTOR, DEPARTMENT OR URBAN AFFAIRS, AFL-CIO My name is Robert A. Georgine and I am the president of the Building and Construction Trades Department of the AFL-CIO. I am accompanied by Henry Schechter, director of the AFL-CIO Department of Urban Affairs. Mr. GEORGINE. Thank you, Mr. Chairman.
Page 305 - Banking, Housing and Urban Affairs US Senate April 16, 1975 Mr. Chairman and members of the Ccmnittee, my name is Robert A. Georgine and I am the President of the Building and Construction Trades Department of the AFL-CIO. I am
Page 119 - with I 545.6-2 of this chapter. Except to the extent permitted by said i 545.6-2 In connection with an Interest rate adjustment, no required payment after the first payment shall be more, but may be less, than any preceding payment. (b) Partially-amortized monthly Installment loan. The term
Page 487 - regular periodic payments sufficient to retire the debt, interest and principal, within the loan term. However, no required payment after the first payment shall be more, but may be less, than any preceding payment. This law would not prohibit a Federally chartered
Page 44 - SERVICING THEM. THE BOARD ENVISIONS THAT FIXED-RATE MORTGAGES WOULD CONTINUE TO BE A SUBSTANTIAL PART OF S&L PORTFOLIOS - AND THAT FIXED RATE MORTGAGES WOULD BE AVAILABLE, ALONG WITH VRM'S - ALTHOUGH VARIABLE RATE MORTGAGES WOULD UNDOUBTEDLY BECOME OF INCREASING PORTFOLIO IMPORTANCE OVER TIME. EVEN IF VRM'S BECOME ONLY A MODEST PROPORTION OF
Page 39 - THE YEAR 1966 MARKED A SIGNIFICANT CHANGE IN THE NATURE OF HOUSING CREDIT CYCLES. FROM THIS POINT ON, SAVINGS FLOWS INTO SAVINGS AND LOAN ASSOCIATIONS BECAME HIGHLY UNSTABLE. THUS, WHILE S&L'S CONTINUED THEIR STRONG COMMITMENT TO THE HOME MORTGAGE MARKET, THE FUNDS AVAILABLE TO SAVINGS AND LOANS FOR THE MORTGAGE
Page 173 - Some proponents of the variable rate mortgage have made it the key part of a program of reform for thrift institutions designed to strengthen their ability to remain specialized mortgage lending institutions. The Bank Board regards it as one element of a larger program of reform, albeit an important one,
Page 489 - provided by the laws of this state for associations organized under the laws of this state and for the members thereof. People who have borrowed money from a savings and loan are "members" of the association, as the term is used in this section. It seems very likely that the requirements of Section