Word: loan
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Still, some companies continue to range outside their industries. Ford Motor last week agreed to acquire San Francisco-based First Nationwide Financial, owner of the ninth-largest U.S. savings and loan, for nearly $500 million in cash. The purchase will expand Ford's credit business, which now includes financing the purchase of new cars. General Motors and Chrysler are also increasing their lending activity...
...mortgage-eligibility standards. Borrowers who put up less than 10% of the purchase price on a home must now have higher incomes. Under old Fannie Mae rules, for example, a buyer making $36,814 could purchase a $76,500 home by putting down 5% and getting a $72,700 loan at 12.2% interest. Now that same borrower would need an income...
Later, Edwards stressed the need to monitor and regulate U.S. loan companies...
BankAmerica's huge losses make other financial institutions nervous, in part because of the company's size. Several major banks are worried about their own shaky loans and about what may be a tough new attitude among federal bank regulators. While BankAmerica wrote off $382 million in bad loans in the second quarter, more of its troubles resulted from regulatory pressure to increase its loan-loss reserve by $527 million. UNIONS Mama Knows Best...
...shift in some small measure are two programs set up at the start of the Decade: the U.N. Development Fund for Women, which funnels $3.5 million annually into self-help projects for Third World women, and the Women's World Banking, a $4 million fund providing financial education and loan guarantees for female entrepreneurs...