Word: lender
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AIRLINE FINANCING of planes will be made easier and cheaper by new law allowing carriers to issue equipment trust certificates, a leasing method that railroads have long used to get rolling stock. Under plan, airline borrows money to buy equipment, then gives title for the equipment to the lender by issuing trust certificates. Airline regains title from the lender when bill is paid...
...funds over a larger geographical area. Formerly, the associations were limited mostly to mortgages on homes within 50 miles from their main office; new rules will allow them to put 20% of their funds into conventional loans made by other insured associations anywhere in the U.S., provided the original lender keeps half interest...
...mortgages, making them flexible so they can respond to the tight-money market. Money is like any other commodity. If you make the terms attractive, you're going to bring more money into the market. At this time 4½% simply isn't attractive to a lender." Chicago builders doubted the program would affect housing around metropolitan areas, where the $9,000 house is not a big factor. Most other builders would only concede that the changes were "a step in the right direction...
...lender is also required to fork out 3% of the unpaid principal in order to buy Fannie May's stock. This requirement, set up in a 1954 move to make Fannie May's "secondary market" operations eventually privately financed, applies any time a lender sells the agency a mortgage. Last week stockholders, who own 25,820 shares, got a pleasant surprise. Fannie May declared a 17? stock dividend, its first. The $100-par shares, selling on the over-the-counter market at around $55, are expected...
...more than a year ago. Almost 40% of the VA's loans require no down payment, give up to 30 years to pay, thus putting consumers in debt for too long a time. Some no-down loans even cover the mortgage closure costs, while in Texas one lender advertises a $50 cash premium with each loan signed. However, repayments are being made on schedule, and defaults on VA loans have dropped to 1.1% in January 1955 v. 1.7% three years ago. Bankers who felt that the loans were increasing too fast think that this type of credit is already...