Best option trading – While the building and loan association, either insured or uninsured, can be a wonderful repository for funds, it can be one of the crookedest investments in the country, This statement is made from a detailed knowledge of several building and loan associations and their operators.

Some months ago a scandal broke out in the Washington and Baltimore papers about two such associations with assets in the millions. The Securities and Exchange Commission took action against them and found, among other things, that in the portfolio of mortgages of the associations there were 86 nonexistent mortgages. They existed on paper only! These associations dealt heavily in second mortgages. These might have worked out well, but a good number of them were supplied by a broker who bought them at a discount ranging up to 30% and then resold them to the building and loan association at or near par. The broker got about as much interest out of the mortgages as the building and loan association; but, whereas the association had its money in the mortgages for a five year period or longer, the broker held the mortgages only long enough to sell them to the association.

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