Word: loaned
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Dates: during 1980-1989
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...supporting cast of the movie Revenge of the Nerds. But though they garner little recognition, Martin, Wallich & Co. are some of the most important people in America. They help determine how fast consumer prices rise, how many jobs are available and how difficult it is to get a car loan or mortgage. Obscure but powerful, they are Chairman Paul Volcker's colleagues on the Federal Reserve system's board of governors...
...clan, young, affluent professionals are partial to particular brands of sneakers (Reebok) and cars (Saab). Recently the group discovered its own mortgage. The 15-year, fixed-rate home loan is favored by married couples in their 30s and 40s who together earn $60,000 or more. Virtually unknown a year ago, this new form of financing now accounts for more than 14% of all loans made by America's largest mortgage bankers...
Lenders like their new concoction because the loans extend for just half the term of the traditional 30-year mortgage. That means there is less risk that a borrower will default or interest rates will suddenly rise. Home buyers are enticed by the loan's interest rate, which is usually between one-half and five-eighths of a percentage point less than that on a 30-year mortgage. The current rate on a 15-year loan: 11.6%. Borrowers also are pleased that their interest payments by the end of the loan are less than half those of a 30-year...
Another setback for the government came in February with the collapse of the Tenth Credit Cooperative, a major Taiwan savings and loan institution, and the Cathay Investment & Trust Co., linchpin of the mighty Cathay group (estimated 1984 assets: $2.5 billion). The cooperative's chairman, Tsai Chen-chou, had funneled more than $190 million from Tenth Credit to fund his own shaky business schemes. Many citizens feel that members of the ruling Kuomintang (K.M.T.) knew of the scandal but looked the other way. Indeed, Tsai and his half brother Tsai Chen-nan, chairman of the Cathay Investment & Trust Co., had been...
Thought you could get away with defaulting unnoticed on your federal student loan? Think again. The U.S. Department of Education announced that they would send letters notifying more than 80,000 students who have defaulted on federal loans that their income tax refunds could be seized to pay off the debt. Twenty-one thousand federally sponsored student loans to Harvard students, totalling $80,000, are outstanding, University officials said...