Word: lender
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Dates: during 1970-1979
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...reveal that the President had borrowed $625,000 from a friendly industrialist in connection with the purchase; that Nixon bought the property and later sold an interest in part of it to a still unnamed investment company; and that he ultimately made a good deal for himself. The industrialist-lender was Robert Abplanalp, the aerosol spray-valve tycoon. Still another of Nixon's helpful millionaire friends, C. Arnholt Smith, gained unwonted attention last week. He was in deep trouble with the Securities and Exchange Commission and the Internal Revenue Service (see ECONOMY & BUSINESS...
...economy as a whole, the Federal Reserve Board has traditionally been the "lender of last resort" -but for some troubled defense contractors that role is now being filled by the Navy. Officially, the Navy, like the other armed services, is taking a tough line with suppliers, insisting that they deliver weapons at contract prices even if cost overruns hurt the companies. In particular, the Navy has come to the edge of a court battle with Long Island's Grumman Corp., which has flatly refused to build more than the first 86 of 313 F-14 Tomcat fighter-bombers called...
...have no problems here because we're operating as the lender. We merely send our student loan requests to the Office of Education for an okay," Gibson said...
...GUARANTEED Insurance Loan Program (GILP)--established under Title IV of the Higher Education Act of 1965--was originally intended to induce banks and other private lenders to provide student loans. Under GILP, the Office of Education guarantees loans in full. It will cancel loans in case of death or total disability: provide interest subsidies for low-income students: and pay the lender an interest supplement intended to make student loans as attractive as alternative investments...
...Office of Education is also empowered to collect defaulted loans. If a regular payment is overdue by more than 180 days, the government repays the lender and undertakes to collect the full amount of principal and interest...