Word: loan
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Dates: during 1960-1969
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...bill requires creditors to tell prospective borrowers the true rate of interest they must pay and the dollars-and-cents cost of the loan as well. The House strengthened it by requiring department stores and mail-order houses that offer "revolving credit" to list the interest charges as 18% a year instead of the more innocuous-looking 1½% a month. Mortgages were also affected; lenders will now have to specify, in dol lars and cents, how much such long-term charges as interest will cost the buyer (a 25-year, 6% mortgage on a $20,000 house, for example...
Final Victory. Although the Senate version excused loans with less than $10 interest, the House put them back in the bill, because small loans are the ones that most often soak the poor. A Republican amendment even made loan sharking a federal crime worth a max imum 25-year prison term. The House demonstrated its greatest solicitude for consumers, however, in an amendment to guard the first $30 of any paycheck from garnishment actions, in which creditors sue employers for part of a debtor's salary. Garnishments were limited to 10% of anything over $30, and employers were barred...
Expenses for the combined railroads are not likely to fall quickly. The bill for consolidating track and freight yards will amount to millions. And the Penn Central has also promised a $25 million loan to the New Haven Railroad to bail out its money-losing passenger services until the merged roads include the New Haven in their system. But eventual savings from joint operations may reach $100 million a year. And additional revenue sources are being tapped. Last week Perlman announced that a lease agreement had been signed with a British investment group which plans to build an office building...
...tape-ridden FHA at its own game. The door to competition was opened by FHA's rigid 6% ceiling on interest rates, which President Johnson last week asked Congress to abolish. In recurrent periods of tight money, banks and other lenders have increasingly shunned FHA and Veterans Administration loans to get higher interest rates on conventional mortgages. M.G.I.C. and other private firms not only approve any interest rate agreeable to both lender and borrower but have also devised faster and cheaper ways to operate. While FHA generally takes nearly two weeks to pass on an application for home-loan...
...other areas of education, Johnson is asking for increased federal spending. The President recommended $100 million more in loan funds for undergraduates and $70 million more for graduate students. The total reduction in spending for construction and equipment at the college level, however, is more than half a billion dollars...