Word: loaned
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...lenders insist they need neither carrot nor stick to do what's right in this emergency, and indeed, many banks, including JPMorgan Chase, Citigroup and Wells Fargo, have already instituted loan-modification programs (if only, critics say, to head off any government-imposed solution). "We've always been committed to foreclosure outreach," says Joe Ohayon, vice president at Wells Fargo Home Mortgage, one of seven lending institutions that voluntarily took part in the Miami Gardens clinic and have won praise from Miami Gardens officials. "And we're just as committed to working with the cities, because they're viewed...
...what will be a very difficult 2009, when car sales aren't expected to top the 11.8 million units sold this year. (In 2007, 16 million cars and light trucks were sold.) General Motor's Wagoner and Chrysler's Nardelli made it pretty clear that without a government bridge loan - $12 billion in GM's case, $7 or $8 billion for Chrysler - there isn't going to be a 2010 for these companies, at least not without a pit stop in bankruptcy. Chrysler ended its third quarter with $6.1 billion in cash - but it's burning through $1 billion...
...culminating in their current liquidity crisis. While a healthy economy would survive the bankruptcy of a Big Three auto giant, any such failure could plunge the economy as a whole into depression in the current economic environment. In order to prevent this from happening, Congress needs to extend a loan to these companies. The automakers should certainly be held responsible for their own poor choices. Their focus on the production of SUVs and trucks instead of more fuel-efficient cars has caused major profit losses, as consumers have turned away from these gas-guzzling vehicles. Union support for these strategies?...
...their effort to sway at least a few Republicans, Democrats did take some of their concerns into account - including demands for long-term financial plans from loan recipients, increased oversight and taxpayer protections. But for most Republicans the moves don't go far enough. The GOP is asking for assurances that the taxpayers will be repaid - like the assurances given by the banking industry - and for a commission to ensure that the money is spent wisely, especially since all three companies are already so deep in debt (GM alone owes $48 billion). To that end, the GOP wants a change...
Democrats in Congress who want new money for the bridge loan consider the proposal unlikely to pass in the face of an expected Republican filibuster. Some in the party would not mind if one or two of the auto companies go under, reasoning that it would be easier to force them to restructure along strict environmentally correct lines. But there's concern that bankruptcy could lead to a broader economic fallout. "Because of the condition of the credit market, there's some concern the car companies would have to liquidate," says one senior Democratic aide...