House financing: Buy now pay later innovation grows
Washington reports rising interest rates push buyers toward alter mortgage options. Fixed payments on a 60 000 home at 8 to 16 percent vary from 352.88 to 845.50 monthly. Graduated payment plans begin lower and rise to a set level in five to six years, appealing to younger buyers.
MENTIONED IN THIS ARTICLE
Washington
UPI
Jackson W. Goss
Tiger Investors Mortgage Insurance Co
Boston
Inter
Goss
Creative mortgage financing options discussed at forum
Goss cited more than 70 variations of alternate financing at a home buyers forum, noting officials described options such as deferred interest, variable rate, price level adjusted, rollover, shared appreciation, and pledged account mortgages as innovations helping keep home ownership feasible despite market concerns.
MENTIONED IN THIS ARTICLE
Goss
Opening stocks rise on rate hopes and Fed signals
Hopes for lower rates push the market higher in early trading as the Dow gains 11.26 to 984.04. Banks trim prime rates to 20 percent and Morgan Guaranty cuts blue-chip loan rates. The Fed report shows a $2 billion drop in the money supply, reinforcing easing expectations. Major banks and Big Three-type stocks rally amid rate outlook.
MENTIONED IN THIS ARTICLE
New York
New York Stock Exchange
Morgan Guaranty Trust of
Federal Reserve
First Charter Financial
Great Western Financial
American Telephone & Telegraph
Banking deregulation plan seeks broader interstate access
The Carter administration urged Congress to ease banking rules to aid ordinary depositors and expand nationwide services. The report favors gradual relaxation, starting with allowing bank holding companies to acquire banks across state lines regionally, then later permitting interstate branches. It warns many small banks may shrink but cites antitrust laws as better guard against monopoly.
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Washington
UPI
Carter Administration
Congress
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