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Mortgage Squeeze / Home Buyers #27660

ABC Evening News for Monday, Sep 10, 1973
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(Studio) Spokesperson for home building industry George Martin tells House Banking Committee home building industry in slump because of mortgage squeeze. To buy old or new home, mortgage squeeze creates problem.
REPORTER: Howard K. Smith

(Matawan, New Jersey) 75% of home mortgages supplied by savings and loan insts., but no money left for home buyer. Savings and loan companies must borrow money at top interest rates and loan money for unprofitable interest rate margin. [Irwin DUNSKY - states home hunting risks unbelievable.] Home finally purchased costs Dunsky family more. [DUNSKY - states down payment has nearly drained resources.] Money situation not expected to ease till mid 1974.

Smith, Howard K.;
Young, Bob

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