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Article: This little home loan came from a mortgage banker; adjustable-rate S&L mortgages are refinanced with fixed rates. (California's residential mortgage banking industry makes a comeback)(Special Report: Finance) (Industry Overview)
- Article from:
- San Diego Business Journal
- Article date:
- December 9, 1991
- Author:
CopyrightCOPYRIGHT 1991 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Think back to 1987.
Savings and loans saturated the California market with adjustable-rate loans, and mortgage bankers were beginning to slide into oblivion.
Cut to 1991. The S&L industry is in the tank and residential mortgage bankers are making a comeback, primarily by refinancing the adjustable mortgages made by the S&Ls in years past.
"There's been a sea change, if you will," said Thomas Greeley, an Irvine-based partner in the MCS Associates division of Grant Thornton, an accountancy firm.
Lower interest rates have created the ideal climate for homeowners who want to exchange an adjustable loan for a fixed-rate mortgage, the specialty of ...