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Non-Tech : Cityscape Financial (CTYS)

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To: Brooks Jackson who wrote (870)	10/12/1997 3:25:00 PM
From: Rational	of 2544

The "Sav-a-loan" program is for prime borrowers* with no credit problem. A promisory note from someone who has a secured job and has no bad credit is good enough to get the money back because these borrowers will not default. Making these "home-equity" loans is a way to make the interests tax-deductible. That's why this program is a phenomenal success. These are essentially personal loans (for home-owners) taken to save tax on interest payments. The companies do not expect to recover anything from foreclosure. If there is a loss, it is a total loss. Sankar

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