Word: loaned
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Dates: during 1990-1999
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Shirley Wynn of Miami wrote to Coral Gables Federal Savings and Loan last July to tell the bank that it made a mistake in computing the interest due on her mortgage, overcharging her $1,464 in the course of three years. The bank apologized and refunded the overpayment. Wynn was one of the lucky ones. According to a congressional review and a study by a former federal auditor, John Geddes, thousands of others across the nation with adjustable-rate mortgages may have been overcharged. Basing his estimate on an examination of 7,000 loan accounts, Geddes says a third...
...errors by deficient computer programs and poorly trained employees. As many borrowers were charged too little as too much. Mortgage lenders say Geddes needs more data before drawing such sweeping conclusions. But his efforts have already brought change. Lenders are more carefully scrutinizing their procedures, federal examiners are auditing loan portfolios, and some consumers have filed class-action lawsuits...
...teetering on the brink of bankruptcy, their financial health was being certified by accounting firms. As a result, one company is now threatened with loss of its license in California. The state board of accountancy has charged Ernst & Young with negligence in auditing Charles Keating's Lincoln Savings and Loan, whose 1989 collapse could cost taxpayers $2 billion...
...implicated in the savings and loan debacle? The House Permanent Select Committee on Intelligence, which is investigating charges of agency involvement in the scandal, will soon produce some answers. Nobody has managed to nail down a charge, aired in a series of articles in the Houston Post, that the CIA used fraudulently obtained S&L money to fund some of its covert operations, including support for the now defunct Nicaraguan contra rebels. But there is more evidence for a second Post allegation: that a Justice Department prosecutor investigating a bank failure in 1985 was warned off by FBI agents because...
...cast further doubt on auction-house techniques. Sotheby's all but ceased lending money to buyers after it was so badly burned by Alan Bond's default on Van Gogh's Irises, bought but not paid for in 1987 for $53.9 million with the help of a $27 million loan from the auction house. But this fall's victim has been the equally controversial system of guarantees, a product of the fierce competition between Sotheby's and Christie's, whereby the auction house contracts to pay the seller a given price for artworks -- whatever the outcome of the sale...