Word: lender
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...been fanned by low loan rates most of this year. Conventional mortgage rates now average 7.6%. Moreover, to attract ever more buyers, the Federal Housing Administration has determinedly held to a ceiling of 7% on mortgages that it will insure. To raise their return to the prevailing market rates, lenders have used a complex device of charging added fees on these FHA mortgages. In order to keep the cost of money down and housing starts up, the Government has lately begun, in effect, to pay the lender part of these fees. Increasingly incensed critics charge that this policy is giving...
Burns assured the President's guests that the Federal Reserve, acting as a "lender of last resort," would supply enough cash to the economy to head off a financial crisis. The fear of such a crisis had in recent weeks become Wall Street's greatest nightmare. Financiers worried about a possible wave of bankruptcies among marginal companies that had exhausted their cash and bank credit while the Federal Reserve was holding the growth of money supply to zero late last year...
...corporations have been able to sidestep these problems by selling stock instead of bond issues. Developers of office buildings, apartment houses and shopping centers can arrange mortgages by giving the lender a share in the revenues or profits. These expedients are not available to home buyers or local government units that must sell bonds, and some authorities think that much more radical changes in the markets will be required if they are to raise the cash that they need. Sidney Homer and Economist Henry Wallich, among others, have seriously suggested that mortgage and bond issuers may have to pay variable...
...wife now live in a leased trailer on their hurricane-stripped lot. His insurance company offered to pay only 25% of his claim, says Ryals, so he has hired a lawyer to sue for more. That may take considerable time, and in the interim the lender is threatening to foreclose the mortgage that covered his lot and vanished home...
...Unfriendly investigations have been pointing out flaws in the ABM and other weapons programs. Still another committee is scrutinizing overseas military deployment and commitments. Once friendly Senators, such as Democrats Stuart Symington of Missouri and Allen Allender of Louisiana, have emerged as critics. "Some of us in Congress," El-lender said last week, "have become captives of the military...