Word: default
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...amount of the loans to Ohio students presently guaranteed by our commission is in excess of $150 million. Since 1966, the default rate in any fiscal year has never exceeded 2.51%, the lowest rate in the nation...
Savage Cuts. Throughout the summer and deep into the fall, the prospect of a default by New York City on its mountainous debt threatened to abort the recovery by wiping out most of the value of billions of dollars of city securities held by banks and individuals across the country, and by making it difficult for other cities and states to raise money in the bond market. Finally, President Ford, who had adamantly refused to "bail out" New York, agreed to $2.3 billion in federal loans this year, after the city had made savage cuts in expenditures and agreed...
...default has probably been averted, but the crisis has worsened a situation that will slow recovery anyway. Spending by state and local governments, discounted for inflation, rose by 6% as late as 1973; this year the increase was below 2%, and in 1976 it is forecast only slightly higher. There are reasons apart from New York's agony: cities and states have been caught by recession-reduced revenues and mounting welfare costs. But the New York crisis has helped to raise interest rates on bonds for some cities to 9.2%, and deepened an anti-borrowing mood among voters...
Last week one of the pioneer REITS, Boston-based Continental Mortgage Investors, the nation's second largest, provided the latest example of how bad things have become in the REIT industry. It announced that it would default on $551 million in interest and principal payments now due on its borrowings. Caught by shrinking revenues and interest rates of 12% and more, Continental raised rates to builders to 16% or 17%. The builders could not afford such rates and simply walked away from projects. At one point, more than 60% of Continental's loans to builders had either been...
...Terms. Still the default is not likely to force Continental into bankruptcy. Its creditors-no fewer than 103 banks and 33 institutional investors -forgave Continental in April, when it defaulted on $652 million in obligations. They began complex negotiations to refinance the debts. Those negotiations could not be completed by the Dec. 1 deadline, so Continental last week was forced into a second default...