Word: loan
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Dates: during 1980-1989
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...affluent Memorial area, Pawnbroker Jean Davis last month installed a drive-in window so that once rich oil barons would not have to embarrass themselves by going through the shop's front door. Davis recently began dispatching a black limousine to bring in clients. At Shaw's Jewelry and Loan on the eastern edge of Houston's tony River Oaks section, pawnbroker loans are running nearly 20% above last year's pace. The new clients are bringing in everything from a $35,000 bronze statue to state-of- the-art stereo systems. One oil company executive came into Shaw...
Many financial analysts think Clausen shares some responsibility for the bank's current woes. His previous tenure produced a rapid acceleration of BankAmerica's lending in energy, farming and the Third World, all areas that have since generated loan losses. Last week Clausen bristled at any mention of those decisions, but added, "Would I have done some things differently? Of course...
...brand-new station wagon. 2) Sell off your shares in Conglomerate Corp. 3) Give a generous donation to Ivy University. 4) Apply for a home- equity loan to pay for the new boat. 5) Take a trip to an investment seminar in Hawaii and deduct it as a business expense. 6) Schedule Joe's long- postponed gall-bladder operation. 7) Pay business expenses (like your accountant's fee) a year in advance so you can write off a larger...
Another reason for making large purchases before Jan. 1 is that the deductibility of interest charges on consumer loans will gradually be phased out over a four-year period starting in 1987. But consumers and the lending industry have already hit upon an alternative: the home-equity loan, which is secured by a house or condominium. Interest on such loans will remain deductible, within some limits. "You go out and buy a new washer and dryer and still get to deduct the interest because in effect you're paying for it with a home-mortgage loan," says Kinzie, the Chicago...
Lenders are discovering a huge market for such loans. Barrie MacKay, a vice president at Boston's Shawmut Bank, says, "The equity loan has probably become the most popular single investment for consumer credit: for education, for improvement on homes, for just about anything." Some taxpayers have started realigning their finances to take advantage of the home-equity loophole, which generally limits tax-deductible borrowing to the original cost of the property plus improvements. A real estate broker in Queens, N.Y., says one customer recently sold his house and then bought a similar one across the street in order...