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Variable Rate Mortgages Proposed by Federal Board
The Federal Home Loan Bank Board proposed variable rate mortgages for new homes. Rates could rise up to 20 percent if general rates climb, with 90-day comment allowed and rules tying adjustments to monthly payments or term extensions up to 35 years. An increase could not exceed 2.5 percent, and no more than 0.5 percent every six months.
MENTIONED IN THIS ARTICLE
R. Gregory Nokes
Associated Press
Washington (Ap
Nome
Federal Home Loan Bank Board
Savings and Loan Associations
Mort
Congress
Grady Perry
Thomas Bomar
Bomar
Savings and Loan