The backbone of the nation’s long-standing commitment to home ownership was the savings and loan industry, the principal mortgage lender for many years. The government protected it against its larger competitors and provided a modest rate advantage to ensure that it would always have ample deposit funds for home lending. For more than forty years, the arrangement generally worked. Homebuyers enjoyed a modest hidden subsidy and, except during episodes of tight money, most working people ...
For just $19.95 a year, get access to new issues and decades' worth of archives on our site.
Print + Online
For $35 a year, get new issues delivered to your door and access to our full online archives.