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lment than they should have, Weaver said, resulting in the, payments being stretched over a longer period than originally stated when the borrower arranged the loan.
The error was discovered last year, said Reider White, of the Baltimore district office, and the bank’s 17 associations were notified of the problem. The bank did an audit of its entire portfolio of more than 50,000 loans, White said, and found that the problem was confined to the 30-day variable rate loans, which make up about 12 percent of the portfolio.
See BANK, p. A-8
92.6%