Word: lenders
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Hutchison's woes were further aggravated by the recession-a slump in exports depressed its revenues-and by its inability to manage its subsidiaries. The firm's principal lender, the Hong Kong and Shanghai Banking Corp., began to apply gentlemanly persuasion to straighten Hutchison out. In August the bank agreed to pump $30 million into the company in return for 150 million newly created shares of its stock-on condition that Clague give way to a bank-picked successor. That ultimatum prompted Clague to make a last-ditch effort to raise capital from European banks. He failed...
...before the housing agency board makes its final decision on allocations next Wednesday, White said, he hopes to provide an alternative source of funds for the Mission Park project, possibly "from a lender or an insurance company...
...meeting at which the seller and buyer of a house sit down with their lawyers, lenders and real estate brokers to sign the deal is usually a tense session -not least because the two principals do not yet know how much they will have to cough up in closing costs. Under a new federal law taking effect this week, they will be forewarned, if not cheered. The Real Estate Settlement Procedures Act requires that the lender give both buyer and seller an itemized list of closing costs at least twelve days before settlement...
...buyer still faces a bewildering array: fees paid to a lender for processing the mortgage (usually 1% of the note); fees paid to the lender's lawyer for inspecting the title (about $125); fees paid to the buyer's lawyer for doing the same thing and generally making sure everything is according to Hoyle ($150 to $650); and title insurance (about $200), in case title proves faulty despite all the money paid to lawyers to make sure it is not. The seller's big expense is the real estate broker's commission. All together, the Senate...
...international monetary meeting last week, the finance ministers of ten leading financial powers solved the problem with an almost alchemic compromise-yet another price for gold. Henceforth, borrower and lender countries can negotiate a value between themselves for gold used as collateral in international loans. That value would be closer to the market price than the official price, probably somewhere between $100 and $120 per oz. today...