Word: bank
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Dates: during 1960-1969
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Last week, for the second time in a fortnight, President Johnson responded to the industry's cries for help by doling out a little federal mortgage money. He ordered the Federal Home Loan Bank Board to pump as much as $500 million into savings and loan associations over the next three or four months in order to help them step up their lending on homes. The week before, the President had released $250 million through the Federal National Mortgage Association for direct Government purchase of FHA and VA loans on low-priced new homes...
Easy Terms. For all three men, the Federal Government supplied the funds that enabled them to start their own businesses. With finances too meager for them to qualify for ordinary bank loans, they borrowed their capital on easier terms (51% interest, up to 15 years to repay) than many a blue-chip corporation could arrange amid today's tight-money pinch. The loans came from the Small Business Administration under Title IV of the 1964 antipoverty law, which aims at helping the poor in depressed neighborhoods to become self-employed and to put struggling little firms on a sounder...
Relying mostly on character instead of credit to judge who should get its largesse, the SBA in 22 months has lent $25,281,230 to 2,475 borrowers in 44 communities. Though defaults have come to 3.4% of that total as compared with a mere 0.2% in commercial bank lending, the agency calls itself "pleasantly surprised" that the record is not worse. Even so, some critics complain that the SBA has taken some mighty peculiar risks. A service station folded because the owner wasn't around enough to keep track of the operation. A small manufacturer of plastics...
...more than a year, taxes are being collected more diligently, credit has been tightened, and the constant wage increases have been slowed. Moreover, his persuasive economics minister, Roberto Campos, has beat bushes abroad convincing hesitant investors that now is the time to get in. Says National Economic Development Bank Director Jayme Magrassi de Sa: "International businessmen have always looked on Brazil as an excellent long-term prospect. Now there is a favorable political climate...
Canada's target is the Mercantile Bank of Canada (assets: $225 million), which, as smallest by far of the country's eight nationally chartered banks, would hardly be noticed were it not wholly owned by New York's First Na tional City Bank. In Ottawa last week, parliamentary hearings began on a bill designed to limit the size of banks in which non-Canadians have more than a 25% interest. Mercantile, as it happens, would be the only one affected; under the new rules, it would be forced to pare its assets to $200 million or find...