Word: loan
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...that the fact that Harvard graduates have one of the highest rates of loan repayment in the nation, and it's no surprise that, as DeGreeff puts it, "Banks love Harvard students...
...move generates a meager political benefit at a substantial public cost. White House officials have called it "a forced interest-free loan to the Government." Some Republicans in Congress have also objected, and Texas Gov. George W. Bush has opposed the delay, saying that it would be wrong for Congress to "balance their budget on the backs of the poor...
...come? The Federal Reserve figures that the stated interest rate on home-equity loans averages 9.5%, only half the usual credit-card rate. Even more important, the interest on a home-equity loan can usually be deducted on the borrower's tax return. In some cases, these tax savings can bring the effective interest rate below 5%. Now, that's a deal...
Debt Consolidation. Wanda Storey, a Miami paralegal, has just swung a $13,000, 9.5% home-equity loan. She used it to pay off $6,100 of credit-card borrowings on which she was being charged 22% interest, and a $6,900 loan at 18% for a vacation time share. Her saving: $150 in monthly payments, plus a tax reduction she has yet to calculate...
...April 23, 1996, under the letterhead of the venerable bank founded by Alexander Hamilton, which made the very first loan to the fledgling U.S. government in the 1780s, Gurfinkel wrote a fulsome letter to Federal Reserve chairman Alan Greenspan, urging the Fed to let Inkombank open a representative office in the U.S. Never mind that 14 months earlier some of the bank's largest shareholders had filed suit charging Inkombank with outright theft of $40 million in capital. Or that just a month before, the Russian central bank had issued a harshly critical audit of Inkombank irregularities...