Word: borrower
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Dates: during 1950-1959
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...grounding of the Comets leaves British Overseas Airways with only 43 planes, half U.S.-built, for its worldwide routes. BOAC has been forced to close down its South American routes, thus losing $280,000 a week in passenger revenues. To build up its fleet, the company was trying to borrow Lockheed Constellations from Australia's Quantas Empire Airways, was reportedly talking about buying new piston-powered Constellations direct from Lockheed. In Australia, Quantas and British Commonwealth Pacific Airlines, which have three Comets on order, were rumored to be thinking of canceling the order, replacing the jets with slower...
Under this provision (which remained in effect from 1941 to 1950) the government had agreed to guarantee mortgages on middle priced apartment housing. This meant that a builder could borrow money (at up to 90% of the appraised cost of the project) with the assurance that the federal government would pay if he defaulted. The charges asserted that many builders had overborrowed, getting more cash than they needed to build the apartment houses, and then had pulled out leaving Uncle...
Meanwhile, growing needs for housing forced Washington to prod the private builder into action. Section 608 was written with a series of gaping loopholes built in as lures. Under a loose and generous appraisal system, the builder was encouraged to pad his estimated costs and borrow more than he needed. At the same time, the government gave up the control position it had formerly held in the private firm. Under this earlier provision it had been able to watch the builder and block his attempts to overborrow. With 608, the government stepped down and turned its back...
...killings were not made until 1948. At that time, the provisions were changed to favor the builder in another way. Up until 1948, private construction firms had been permitted to borrow federal-backed money on a per-room basis. (By 1948, they were being granted $1,800 per room.) But now the rule was changed to let the builder borrow up to $8,100 per apartment. The result was a rash of small one-bedroom "efficiency" apartments and some gross cases of overborrowing...
...rediscount rate, i.e., the rate at which banks may borrow from FRB, was cut last February; last week another cut (from 1¾% to 1½%) was initiated in Chicago and okayed in Washington...