Word: loaned
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...failed to meet its obligations. British Financial Services Minister Paul Myners even said the country risks becoming a pariah state. Both Britain and Holland hinted that they may block a $10 billion International Monetary Fund rescue package for the country, and Iceland's Scandinavian neighbors shelved a $2.6 billion loan they had promised Reykjavik. On top of all that, Fitch Ratings lowered Iceland's credit grade to junk status last week. (See the worst business deals...
...while the number of bank loans is falling, the well of credit for corporations is far from dry. In fact, the 22 largest banks in the Treasury's Troubled Asset Relief Program issued or renewed $127 billion in business loans in November, roughly the same as five months ago. And bank lending, now at $6.7 trillion, is at the same level it was at the end of 2007, when the economy was still expanding. That would be a problem if we had serious inflation. When asset prices rise and loan values don't, that can signal economic stagnation...
...same time, the government's loan-modification program has been disappointing: the default rate on loans modified after the third quarter of 2008 was 61%, according to a report issued in December by the Office of the Comptroller of the Currency and the Office of Thrift Supervision. All of this is expected to trigger another wave of potential home foreclosures in 2010 and could cause home prices to fall another 5% to 10% before the market stabilizes, according to analysts and economists...
...reason for the expected jump, he says, is that in 2009 many lenders were under pressure from the Obama Administration to postpone repossessions until loan modifications could be made. However, many banks didn't have the staff to assess all their defaulted loans at the time, and he believes many of those will ultimately go into foreclosure...
HILLARY CLINTON, snapping at a student who asked during a press conference in Kinshasa, Democratic Republic of Congo, what "Mr. Clinton" thought of a Chinese loan offer to the country. According to State Department officials, the student said afterward that he had meant to ask what "Mr. Obama" thought of the potential deal --AUGUST...