Word: lender
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...lending industry. Prompted by the year-long crusade against this $85 billion per year industry led by New York State Attorney General Andrew M. Cuomo, the Department of Education issued new rules last week to prevent such illicit practices. While these federal regulations will help curb financial abuses by lenders and universities, they are not as stringent as many state statutes, and offer far too many loopholes for lenders to exploit.Cuomo’s investigation revealed many practices in the student loan industry that are at best questionable and at worst illegal. Most alarmingly, it found evidence of huge...
...lack of political opposition. But if you look at what happened in 1994, lack of opposition looks pretty small fare." Dabbs Cavin, 42, a lawyer and commercial banker, moved with his wife and family from Arkansas to Rwanda last year to set up an arm of the microcredit lender Opportunity International and merge it with a local bank. "Kagame has a vision, he's doing all the right things, and that's attractive," he says. "No country has ever risen as fast, and from as low a point. It's an exciting thing to be part...
Amid the chaos and confusion that has accompanied the credit crisis at British bank Northern Rock, Bank of England Governor Mervyn King has remained tight-lipped. There was barely a word from him when the Bank, as Britain's lender of last resort, made emergency cash available to Northern Rock last week. When that triggered a run on the High Street lender, with customers lining up for days to take back their savings, King still failed to utter a word. And when the government finally stepped in Monday to offer a gilt-edge guarantee for spooked depositors in the form...
...Until late this week. Appearing before a committee of British M.P.s Thursday to explain the Bank's handling of the crisis - the first run on a U.K. lender in living memory - King finally opened up. The Governor, the bank's former chief economist and an academic who's taught at Cambridge, Harvard and MIT, first got wind of problems at Northern Rock on Aug. 14. The Newcastle-based bank - Britain's fifth-largest mortgage provider - leaned heavily on wholesale money markets to fund its own mortgage loans. When those inter-bank markets started to freeze up in recent weeks amid...
...down by the law. His preference for giving Northern Rock covert help - only letting the public in on the move when the crisis had blown over - ran up against E.U. rules outlawing such action, King said. And any thoughts of a speedy takeover at the hands of another lender were also undermined by Britain's takeover regulations, King added...