Word: loaned
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Dates: during 1990-1999
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...with an estimated 30 million to 40 million potential customers who have few other places to turn for cash, sub-prime lenders have been Wall Street darlings. Borrowers whose chief alternatives ranged from pawnshops to loan sharks gladly jumped at the chance to pay nosebleed rates of 10% or more for a home-equity loan (vs. roughly 7% at a bank), if that was what it took to get money. Depending on points, fees, insurance and other charges, the effective interest on some sub-prime loans, particularly for autos...
...Tree seems likely to ride out its troubles. The company employs 5,700 people at 200 locations across the country and holds a whopping 30% of the lucrative market for financing mobile homes, making it the sector's largest lender. In addition, more than 90% of its $28 billion loan portfolio is secured by mobile homes, houses and other customer assets. Such backing is rare in the sub-prime industry and enables Green Tree to recover a relatively high proportion of losses when customers default on their payments. And despite problems such as the downgrading of much of Green Tree...
...increasing financial aid, both by providing more grants and by disregarding at least $90,000 of income in calculating financial aid. These changes will make Princeton, Yale and Stanford better options for middle-class families who often find themselves in a financial crunch between their family contributions and their loan-heavy aid packages...
Stanford's plan, which like Yale's will affect the entire student body, allow students who receive outside scholarships to use these awards to eliminate the work-study and loan provisions of their aid package--a first...
Stanford officials say the changes are expected to mean much less loan debt for the average middle-class student...