_______________ accept the savings of individuals and lend pooled savings to individuals primarily in the form of mortgage loans and operate almost entirely in New England , New York, and New Jersey, with most of their assets continuing to be invested in mortgage loans.

Question

Quizplus · Accepted Answer

The description provided fits that of savings banks, which specialize in accepting the savings of individuals and primarily lending them to individuals in the form of mortgage loans. They typically operate largely in the northeastern United States, with most of their assets invested in mortgage loans. Commercial banks may also engage in mortgage lending, but they have a broader range of services and may operate nationwide. Thrift institutions and credit unions may offer mortgage loans as well, but they have different structures and may focus on different types of customers or loans.

_______________ Accept the Savings of Individuals and Lend Pooled Savings