Word: lenders
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...that makes grown men cry and lose all ambition in life." Nor does it make much nevermind to the people waiting in line at Ralph's Pretty Good Grocery. And obviously they are not overly concerned at Bob's Bank, whose slogan-"Neither a borrower nor a lender be"-would cause terminal heartburn in the boardroom of Chase Manhattan. In fact, the only people feeling the strain are those innocents who tune in National Public Radio's A Prairie Home Companion for the first time and lack directions to visit all their new-heard friends in Lake...
Last year the cost of carrying Tasco's debt load escalated as the company frantically borrowed money from one lender in order to pay off another. At the same time Tasco's hard-pressed farmer customers, equally strapped for cash, began to postpone building plans and cancel orders for hog sheds. With debts of $8.5 million and assets of only $1.2 million, the company filed for bankruptcy last spring and is now in receivership...
...Shared Appreciation Mortgages. Under this program, which was first used in Florida, the borrower can obtain a lower interest rate in exchange for giving the lender a share in the increased value of the house. When the property is sold, normally one-third of the capital gains that have been earned is owed to the bank or savings and loan company that made the loan. If the house is not sold within five years, the property may be appraised and the owner may have to pay the lender one-third of any increased value...
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...