Word: loan
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Dates: during 1960-1969
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Last week, for the second time in a fortnight, President Johnson responded to the industry's cries for help by doling out a little federal mortgage money. He ordered the Federal Home Loan Bank Board to pump as much as $500 million into savings and loan associations over the next three or four months in order to help them step up their lending on homes. The week before, the President had released $250 million through the Federal National Mortgage Association for direct Government purchase of FHA and VA loans on low-priced new homes...
...money will finance about 40,000 houses - 25,000 through S & Ls, with an average of $20,000 per loan, and 15,000 through FNMA, under a $17,500 loan limit in most major cities. That is about 6% of the gap between the indus try's current production and the 1,600,000 homes a year that the nation needs to keep up with the basic demand created by new families and increasing demolition of unfit dwellings...
Back in Business. Despite that gloomy outlook, the mortgage-money market has begun to ease slightly. S & Ls, which normally make more than 40% of all home-mortgage loans, are now soliciting business again in some areas. In California, Illinois and Texas, a few S & Ls have shaved mortgage rates, though charges of 7% to 71%, plus a onetime fee of 2% to 4% for making the loan, remain common in the West...
Beset by financial woes, California's pioneering Douglas Aircraft Co. last week was 1) negotiating with eight banks for a loan of about $100 million, some $56 million of which the company hopes to have underwritten by the Defense Department, 2) understood to be seeking $175 million more, for a total of $275 million in financing, and 3) taking evasive action from what appears to be a strong takeover effort by the McDonnell Co. of St. Louis...
Easy Terms. For all three men, the Federal Government supplied the funds that enabled them to start their own businesses. With finances too meager for them to qualify for ordinary bank loans, they borrowed their capital on easier terms (51% interest, up to 15 years to repay) than many a blue-chip corporation could arrange amid today's tight-money pinch. The loans came from the Small Business Administration under Title IV of the 1964 antipoverty law, which aims at helping the poor in depressed neighborhoods to become self-employed and to put struggling little firms on a sounder...