Word: defaulting
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Dates: during 1970-1979
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...wife's $11,000-a-year job as a magazine editor would qualify them for the loan. Leon Graybill of the Floyd E. Davis Mortgage Corp. agreed, but how, he wanted to know, could he feel confident that Carol Lewicke would not get pregnant, leave her job and default on the payments...
...equal installment loan program, by requiring a uniform annual payment over ten years, does not account for the relatively low income a recent graduate is expected to earn. It forces the heaviest financial burden on the first years after graduation which, in turn, makes a student more liable to default on his loan, he said...
Financial considerations are prodding the government to object to this plan of payment, Gibson explained. In case of default, the graduated installments would create a greater outstanding balance which the government would be forced to absorb...
...government is concerned we will be giving equal installment loans. But as far as the student is concerned we will be giving graduated repayment loans. The University will make up the difference between the outstanding balances in case of default," Gibson said...
...insists that cathedral investors are not worried about their investments; they are pious folk who regard the church's securities as a contribution to gospel spreading. As Humbard told TIME Correspondent Richard Ostling last week: "We have never missed an interest payment. We're not in default with our people. If Government regulators try to force us into a corner, it's the noteholders they say they're trying to protect who will suffer...