Long before I was out of college, I had begun my business career as a mortgage loan officer; first for a bank, later for another bank and then for a savings and loan.
That was in the days when savings and loans were perfectly set up and governed, so that they could pay a bit more interest on savings accounts than banks could, but were primarily restricted to making one to four family home loans.
Texas had a very strong homestead law. It was there to keep people from doing dumb things that would … (4 comments)
savings loan associations: THE MYSTERIES OF BANKING AND BOKERAGE HOUSES: The Old Way vs The New Way
- 11/23/10 11:43 PM
There are some true mysteries whose reasons for existing escape me. I wonder if I'm the only one who feels that way. For many years, there were two regulations that were axiomatic. One was that financial brokerage firms had to be either sole proprietorships or partnerships. So, as an example, what was once known as Merrill, Lynch, Pierce Fenner and Bean was exactly that. Those men were the general partners, and those who had management positions with the company were limited partners. You realize what that meant. The personal net worth of the general partners stood to be invaded, even totally … (0 comments)
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