Word: loaned
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Dates: during 1970-1979
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Worse than the high interest rates is the sheer shortage of mortgage money. Usury laws in two dozen states limit interest rates to below 13%. Thus many banks and savings institutions have stopped making loans because it is impossible for them to earn any profit. Traditional lenders are also running short of cash because people are transferring funds from savings accounts to booming money market funds, which invest money in high-yielding securities and pay twice as much as passbook accounts. Perhaps three-quarters of the savings and loan associations in Chicago have stopped making mortgage deals...
...received a call from Treasury Secretary G. William Miller, who told him that the suffering No. 3 automaker was going to get the Government aid that it had been seeking since August. Nor would the assistance be chintzy. The Carter Administration had decided to back a federal loan guarantee of $1.5 billion, which was twice what Miller had indicated he would support only last September and a full $500 million more than the company had asked for in the first place. As a result of a confluence of economic and political imperatives, the White House had decided to proceed with...
...nation's economy. That, plus the fear of having to campaign for renomination at a time when Chrysler plants might be closing for lack of operating capital, is what finally prompted the Administration to set aside any philosophical doubts about such a bailout and back a big loan guarantee...
...Chrysler does stand a good chance of raising the $1.5 billion that it needs to get its loan guarantee in other ways. Three likely sources of funds...
Last Thursday, Treasury Secretary G. William Miller announced the Carter Administration's plan for salvaging Chrysler, the nation's third largest auto-maker, with a whopping $1.5 billion federally guaranteed loan. The Carter proposal, however, fails to insure that Chrysler will not once again choose the road to ruin...