Word: loan
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Dates: during 1980-1989
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...deep hock for compact-disc players and Honda Preludes. The difference is that consumers in 1987 can choose from many more enticing borrowing vehicles, most notably an array of credit cards with huge credit lines at high interest rates. Potentially the most dangerous new device is the home-equity loan. Homeowners who borrow too heavily could lose their houses if a recession left them out of a job and unable to make payments. "The real irony will be if everyone's Rock of Gibraltar asset turns out to be a house of cards," says John Makin, a scholar...
Looking for a bargain in real estate? Consider a visit to the spanking-new gallery that opened last week in Dallas. No, it is not just another branch of Century 21, but a dazzling display mounted by the Federal Savings and Loan Insurance Corporation. Prospective buyers can browse through glossy pictures of a $13 million office tower in Houston or a 50-room $2 million hotel in New Orleans' French Quarter...
First City needs all the cash it can get. Its loan portfolio includes $1.8 billion in debt on which interest is no longer being paid. The company's losses last year totaled $402 million, and are likely to surpass $300 million this year. Shares, valued at 41 in 1981, have fallen below 2. Because many wary customers have taken their funds elsewhere, total deposits have dropped 27%, to $9.9 billion, since...
...happened is a typical tale of oil-patch woe. When petroleum prices were high in the late 1970s, First City lent extensively to oil-rig builders and small supply firms. When prices later plunged, loan defaults skyrocketed. First City then boosted its presence in real estate loans -- and that market softened. As foreclosures mounted, First City's management offered Arabian horses, Porsches or 40-ft. yachts to new customers who maintained accounts of $100,000 and up. The gimmicks did not lure enough high rollers to stanch First City's losses, and talk of a takeover, bailout or shutdown mounted...
...Department of Education reports that approximately $6 billion in student loans are currently in default, including $4 billion in the popular Guaranteed Student Loan program and $2 billion in Federally Insured Student Loans and Perkins Loans. More than one million graduates owe money to their national government for money they borrowed on the understanding that they would pay it back...