American Savings Bank takes the MTA to new ARM loans.IRVINE, Calif.--(BUSINESS WIRE)--April 25, 1997--American Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. today introduced a new adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. product linked to the Moving Treasury Average, an index based on one-year U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. rates. Introduction of the MTA-linked adjustable rate mortgage follows a record month for American Savings Bank, which reported a first quarter loan production volume of $1.5 billion, up 16 percent from $1.3 billion a year earlier. "The new MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. mortgage extends our broad-based product line and provides consumers with another choice in making decisions about mortgage loans," said Craig Davis
Craig “Buster” Davis (born October 2, 1985, in New Orleans, Louisiana) is a wide receiver drafted by the San Diego Chargers. , executive vice president of lending and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. for Washington Mutual Inc., the parent company of American Savings Bank. "Because the index is based on the average of the last 12 months of U.S. Treasury rates, it provides consumers with a great deal of payment stability in their adjustable rate mortgages." For further information about MTA loans, consumers may call 1-800-LOAN-ASB to be connected to their local American Savings Bank lending office. American Savings Bank, the second largest mortgage lender in California, joined with Washington Mutual in December 1996. Washington Mutual, a diversified financial services company focusing on families and small- to medium-sized businesses, is the largest mortgage lender in Washington and Oregon. -0- Editor's Note: Washington Mutual's press releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual press releases or to retrieve a specific release, call 1-800-329-6236. On the Internet, press releases may be accessed at http://www.businesswire.com/cnn/wamu.htm CONTACT: Washington Mutual Libby Hutchinson, 206/461-2484 1-800-228-WAMU (9268) |
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