Word: loan
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Dates: during 1980-1989
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...aging economic expansion and the new Administration. A serious rise in prices would force the Federal Reserve to fight back by pushing interest rates higher, which runs the risk of choking the economy, boosting the federal budget deficit, and ballooning the cost of President Bush's savings and loan bailout...
Since LBOs rely on the tax deductibility of loan interest, some takeover critics have suggested that this allowance be discontinued or decreased, thereby making LBOs less attractive, a Capitol Hill source says...
...Milwaukee, Doreen and Robert Hamann bought their modest two-bedroom stone house 15 months ago with the help of a mortgage from the rapidly growing Wisconsin housing and economic development authority. Under its program, the 8.75% fixed-rate loan could be used for homes costing no more than $72,000. "At first I felt a little bitter to realize that we couldn't begin to live as nicely as our parents do," said Doreen, 27, an office clerk. But she and Hamann, a 41-year-old postal worker, now consider themselves lucky. "When you hear about all the young people...
Besides rounding up all that cash, Bush proposes to reform the system that supervises the thrift industry and insures its deposits. The main regulatory agency, the Federal Home Loan Bank Board, which has been accused of being too chummy with thrift-industry leaders, will be replaced by one chairman who will answer to the Treasury Secretary. The exhausted Federal Savings and Loan Insurance Corp., which guarantees deposits, will be overseen by its healthier and better-staffed counterpart for the banking industry, the Federal Deposit Insurance Corp. Banks and thrifts have traditionally had separate regulators and roles: S & Ls specialized...
...thrift industry seemed to meet the proposal with grudging acceptance but a fair amount of grumbling. Healthy S & Ls object philosophically to paying excessive cleanup costs for their fraudulent and incompetent brethren. Says Adam Jahns, chairman of Chicago's Craigin Federal Savings & Loan: "I don't think we should have to pay for serious crimes committed by others." Another complaint by S & Ls is that by combining thrift and banking supervision, the Bush plan may blur the distinction between the two and eventually remove any competitive advantage the thrifts still have, principally the ability to borrow long-term funds from...