Word: lenders
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Dates: during 1980-1989
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Anyone with heavy debts benefits from inflation, which is why Americans no longer heed the warning in Hamlet: "Neither a borrower nor a lender be." People take out loans in the expectation that they will be able to pay them off later with cheaper dollars. And in recent years they have been right. Borrowers can now repay their debts with dollars worth just 63? in 1975 terms. That view is an important factor behind the sharp increase in consumer installment debt, which since 1975 had gone from $172.4 billion to $305.5 billion by the end Of last October...
...that having been added in the past year alone. New Jersey's City Federal Savings and Loan Association, the nation's 25th largest thrift institution, has nearly tripled its second-mortgage portfolio, to $118 million, during the year. United Jersey Bank, a leading commercial bank lender in the state, has been trying to expand its loan business with hucksterish newspaper ads that advise readers: "Go ahead. Add a room, take a trip, pay old bills, with money from home...
Guaranteed Student Loan: $1,000. Though this is a federal program, loans are obtained through a private lender such as a local bank. Nguyen's loan repayments begin nine to 12 months after graduation...
Shared Appreciation Mortgages. The New York brokerage house of Oppenheimer & Co. has promoted this arrangement, whereby the borrower receives a mortgage rate that is one-third lower than the prevailing level, for example 9% rather than 14%. But the borrower must agree to give the lender one-third of the profits from the eventual sale of the house. Bankers predict that such plans, which are already popular in Florida, will soon become common elsewhere...
...find out whether his government would stand or fall. He went not to Congress, nor to the White House, but to 700 19th Street, N.W., the headquarters of the International Monetary Fund (IMF). Manley came to plead for a desperately needed loan for his country, and the IMF, "lender of last resort" to many Third World countries, was his last hope...