William Ford Leads Non-Bank Finance Push in America
William Ford, vice chairman of Security Pacific Corp., heads the American Financial Services Association, representing over 500 finance firms with 12,000 branches. He argues personal service and local access will keep banks from losing ground to non-bank lenders amid growing credit card losses and evolving technology.
MENTIONED IN THIS ARTICLE
Bill Menezes
Newster
New York
William Ford
Ford
Security Pacific Corp
American Financial Services Association
Association
Sears, Roebuck and Co
J.C. Penney Co
General Motors Corp
Ford Motor Corp
Avco Corp
Beneficial Corp
United States
Manufacturers
Hanover Corp
Security Pacific
Los Angeles
Albany
N.Y
General Electric Credit Corp
Security Pacific Finance Corp
General Motors Acceptance Corp
Sears
Home equity loans poised to grow as tax rules favor them
Banks and financial planners prepare for a surge in home equity lending as Congress reviews a tax reform package. If mortgage interest remains deductible and consumer-interest rules tighten, homeowners may turn to these loans for big purchases while banks see ample profit from secured lending. Experts caution risk of over-indebted borrowers, but bankers expect continued expansion and potential linking of credit cards to loan lines.
MENTIONED IN THIS ARTICLE
Washington
Congress
Senate
House Committee
Cpas
James Buzzetta
Chemical Bank
Jerry Lasurdo
Green Point Savings Bank
Kirk Willison
American Bankers Association
Weekly finance notes and local meeting schedules
Reports on May consumer credit and June housing starts plus the money supply for the week ending July 7, with expected Thursday release. Meetings include Cedar Rapids executives association Thursday morning and Iowa Architects chapter Friday afternoon with notable speakers. New York money rates show current Telerate index, prime, discount, federal funds, commercial paper, bank rates, certificates of deposit, and recent bill and Treasury yields.
MENTIONED IN THIS ARTICLE
Consumer Credit
Cedar Rapids
Cedar Room
Armstrong’s
Bill Fletcher
Rapids Chevrolet
Iowa
American Institute of Architects
Holiday Inn
Iowa City
Robert Ray
Wayne Richie
Iowa Board of Regents
Thomas Jolas
Iowa Development Commission
Ray Muston
First Capitol Development Corp
NEW York
Telerate Systems Inc
Telerate
Finance Company
Bankers Dealer
Treasury
Confusion Over Rates wages unemployment and the economic mood
John Cunniff reports that economists and market analysts dispute the current view of rates and employment. Prime rate comparisons show rates near 8.5 percent versus historic highs, while unemployment sits around 7 percent though overall civilian employment rises to about 118 million with more women entering the workforce.
MENTIONED IN THIS ARTICLE
John Cunniff
New York
Forecasts Point to Lower Mortgage Rates This Summer
Economists say mortgage interest rates will dip below 10 percent within four to six weeks as June figures show weakness. If the economy slows through summer, rates stay just under 10 percent through year end. a stronger economy could push them back toward 10 1/2 percent.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Michael Lea
Federal Home Loan Mortgage Corp
Also Mentioned on This Page
By Bradford W. O’hearn
Fed
Timothy Howard
Federal National Mortgage Association
Federal Reserve (Board
Organization of Petroleum Exporting Countries
Lyle Gramley
Mortgage Bankers Association of America
FSLIC
Prleischman
Cedas Rapids
Lows
Lowa
Millhiser Smith Agency
Oakland Road
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