Word: escrowed
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...they established an escrow account for alums who wanted to donate to Harvard but were unwilling to do so until Harvard changed how it recruits women faculty members...
While the escrow account did not meet its primary goal, the committee members say their fundraising potential forced the University to notice them...
...Good news? Sure. But as falling interest rates have pulled waves of homeowners into the refi game, an overburdened mortgage industry has been strafing them with costly errors, including miscalculated escrow payments, unneeded credit insurance and omitted special-offer discounts. Borrowers, reveling in their lower monthly payments, blithely absorb the overcharges. There's no good estimate of the total cost. But anecdotal evidence is pervasive...
...Josh Silver, a bank-lending activist, recently refinanced his home in the Washington area, and while his $300 monthly savings pleased him, errors in his closing documents sent him into a rage. There was a $400 overcharge for property-tax and homeowner's-insurance escrow. The bank "forgot" a $200 credit promised to him when he signed up for automatic debit payments. And at closing, he was asked to sign off on an insurance policy to pay his mortgage should he die - the cost of which had been written into his settlement papers...
...QUESTION YOUR ESCROW PAYMENT. The amount should be based on the time between closing and the due date of property taxes. Some lenders plug in 12 months, requiring you to come up with more cash, and then rebate the difference at year-end. You can also save cash at closing by asking that escrow payments to date be applied to the new mortgage...