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Mortgage lending crisis hits Frederick County builders hard
Skyrocketing inflation and high interest rates cripple the mortgage market as savings and loan associations struggle to lend long and borrow short. Builders face defaults and bankruptcies while S&Ls lose money and profits plunge. Disintermediation drains passbook savings as savers seek higher yields, delaying housing starts and pressuring the industry toward new mortgage instruments and relaxed rules.
MENTIONED IN THIS ARTICLE
Savings and Loan Associations
SkLs
S&ls
Ee Ee
Federal Home Loan Bank Board
S&l
Federal Reserve Board