Word: loaned
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Dates: during 1990-1999
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...September as Carter's budget director under charges of impropriety and was still stuck with the National Bank of Georgia. Pharaon created a sensation by buying Lance's shares and acquiring control of the bank. Abedi also shored up Lance's still shaky finances with a $3.4 million unsecured loan...
...largest recipient of such loans was apparent front man Pharaon, who got at least $280 million. According to Price Waterhouse, the loans were "$100 million in excess of limits" and exceeded 10% of the bank's capital base. Most banks would hesitate to lend anywhere near that amount of capital to a single customer. Auditors also found millions of dollars passing through Pharaon's and his brother's accounts, including stock sales and transfers, yet could find no loan agreements, promissory notes or correspondence to explain the activity...
...circling closer in 1987, Paul acquired new partners in the form of Ghaith Pharaon and his invisible sponsor, B.C.C.I. With Pharaon came the presence of apparently deep Saudi pockets, which was precisely the assurance Paul and Pharaon gave when they met in 1987 and 1988 with the Federal Home Loan Bank Board's then chairman, M. Danny Wall, to argue that the bank would be able to meet its commitments...
...important reason for the new bounce in housing is the fall in mortgage interest rates. Testifying before Congress last week, Federal Reserve Chairman Alan Greenspan noted that "fixed-rate mortgage interest rates are close to their lowest levels since the late 1970s." The Federal Home Loan Mortgage Corporation reports that on average across the U.S., lenders are offering new customers fixed-rate 30-year mortgages at 9.49%, down from 10.67% last...
With all the talk about a glut of new homes and the depression in the construction industry, it's hard to believe that some experts predict a new- home shortage starting this year. But they do. The collapse of the savings and loan industry has slashed available capital at the same time that commercial banks have tightened up on lending...