OTHER NEWS - Sept. 4, 1993
From Times Staff and Wire Reports
New Mortgage Plan for South-Central: First Interstate Bank and black-owned Family Savings Bank launched a joint program to loan $30 million to low- and moderate-income borrowers in the inner city. The program loosens traditional credit requirements and allows borrowers to make down payments as small as 3%. The mortgages will then be sold to the Federal National Mortgage Assn., or Fannie Mae, and General Electric Mortgage Insurance Corp. will offer mortgage insurance to qualified borrowers.
