Word: loan
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Dates: during 1970-1979
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...where live cattle are traded to exclaim, "I've never experienced anything like this in my life!" In Florida, where the action this year in condominiums has been hotter than the summer sun, mortgage bankers felt a sudden chill. Said Charles Stuzin, head of a Miami savings and loan association: "People are asking, 'What's going to happen tomorrow?' Everything has moved so quickly, no one can make any plans...
...MORTGAGE LOANS: Interest rates averaged 11.15% in early September, and are heading higher. Many bankers predict that they may reach 14% by year's end. But in 24 states, including Illinois, New York and Texas, usury laws hold rates to 12% or less. Lenders there are likely either to cut back on making home-buying loans or attach tighter conditions to them. A typical instance: First Federal Savings & Loan Association of Chicago has just shortened the repayment period on all mortgage loans to 25 years from 29 years, and now requires a minimum 25% down payment, vs. 20% formerly...
Builders are in trouble too. On construction loans, they generally pay 2 points above the prime interest rate that banks charge their top corporate customers. That means builders are paying 16½% interest, vs. 15½% only two weeks ago. Various charges may bring the effective interest rate to a towering 20% by the end of the year. Builders will start fewer houses and charge more for them. The National Association of Home Builders figures that the average price of a new house, now $64,000, will go up $1,000 by Dec. 31, and the combination of price increases...
...free enterprise. Everyone wants to engage me in a philosophical debate on free enterprise, but the free-enterprise system has gone to hell. Other companies have gotten federal aid, but it was "different." The Federal Housing Administration loan guarantees are "different." The agricultural subsidies on tobacco are "different." Everything is "different." Where were the free enterprisers in '67 with the Highway Safety Act, in '70 with the Clean Air Act and in '75 with the Fuel Conservation Act? Those laws have us so regulated that a while ago, when GM put out a price rise...
...look at Chrysler was in part a tactic to win greater sympathy for the automaker in its drive to get as much as $1.2 billion in federal loan guarantees. The company needs an infusion of funds by year's end in order to launch work on its 1981 models. Treasury Secretary G. William Miller has asked for revisions in the Chrysler rescue proposal. In rejecting the initial request, which would leave the taxpayers holding the bag if Chrysler defaulted on loans from private bankers, Miller bridled not only at the size of the financial package but also...