Word: borrowing
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Dates: during 1980-1989
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...housing boom is with short-term loans in which virtually all of the principal comes due in a single so-called balloon payment, usually within two to five years. Homeowners had assumed that their houses would continue appreciating in value and that they would be able to borrow against the equity to pay off the balloon loan. But prices are now stagnating, and new loans are hard to get. Nearly $500 million of these balloon mortgages are coming due in California this year, and Shulman and other economists fear that cash-strapped homeowners will be unable to make them...
...automatic recommendation many would make--that the alarmed family seek a loan--highlights for Lyman the problem of the "lend 'em $5,000 bucks and send 'em out the door approach," a strategy graduate students particularly rely on. "Whether a student can borrow an infinite amount of money is a real problem," Lyman says...
...would seem to borrow most from the middle of Harvard-the placid, academic, somewhat boring postwar years. But our complacency is not the same, stemming from a bleak and not a sunny view of what lies ahead. Not many in the Class of '82 plan to burn around next year, not many are joining the Peace Corps. A job is a job, and not to be sneered at. Less stock is put on accomplishment, and more on getting ahead and getting by. Exuberance, energy, enthusiasm-those words described the Harvard of 1952 or 1962 much better than the Harvard...
...says no to a nice cuppa. "Tractors and Land Rovers have been offered freely to the troops to lug equipment to nearby hills. An 18-year-old boy used his father's tractor to haul gear from the shore. Another boy told the soldiers, "If you want to borrow my Suzuki, go right ahead...
...increase, from 4.6% to 5.6%. The next day, Michigan's economy was dealt a new blow when Moody's Investors Service dropped the state's bond rating from A to Baa-1, the lowest of any state. That will make it difficult for Michigan to borrow needed funds when the new fiscal year begins in October. So far, ten Democrats and seven Republicans have announced themselves as candidates for Milliken's job. No clear leader has emerged...