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October S and L Savings Decline and Mortgage Loans Fall
Government and industry lenders blame high rates for the housing slump as savings withdrawals outpaced deposits in October. The 6,218 S and Ls posted 3.8 billion in withdrawals against 3.75 billion in new money, leaving total savings at 111.5 billion, up 3.5 percent year over year. Mortgage loans issued in October totaled 939 million, down from 1.9 billion in October 1965 and 1.1 billion last September, with loan commitments easing from March peak of 3.3 billion to 1.7 billion by Oct 31.
MENTIONED IN THIS ARTICLE
Washington
Wartion
Federal Home Loan Bank Board
S&l
S&ls