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| Tekijä: | Hudson, M. |
| Otsikko: | Loan scams that prey on the poor |
| Lehti: | Business and Society Review
1993 : WINTER, 84, p. 11-15 |
| Asiasana: | LOANS SECONDARY BANKS MONEY SHOPS |
| Kieli: | eng |
| Tiivistelmä: | The "secondary market" for second mortgages - where banks buy home equity loan contracts from other lenders - was virtually nonexistent when the Federal National Mortgage Association, a quasi-government agency, started buying them in the early 1980s. Since then, second mortgage speculation has boomed: Surveys by the Consumer Bankers Association show that the number of big banks buying home equity loans on the secondary market grew from 12.5 percent in 1990 to 20.9 percent in 1991. Fleet Finance, for example said last year that about 60 percent of its 71,000 mortgages had been purchased from other lenders. The company made profits of USD 60 million in 1990. |
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