Word: loaning
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...years, making it one of the hottest issues on the New York Stock Exchange and winning encomiums from the likes of Fidelity mutual-fund guru Peter Lynch. Just last week Green Tree reported record earnings of $227.3 million through the third quarter and a stunning 50% increase in its loan volume, to $7.57 billion over the same period last year...
...Competition for down-market customers and the profits they generate is intensifying among big mortgage providers like GE Capital, Norwest Financial, KeyCorp, NationsBank and Chase Manhattan, not to mention heavily advertised smaller outfits like the Money Store (Dial 1-800-LOAN-YES). The total for sub-prime mortgages--a figure that is growing at twice the rate of conventional mortgages--is expected to exceed $120 billion this year. Another blistering market: sub-prime cash for new and used cars. Ford Motor Co.'s Associates Corp.; Mercury Finance, based in Lake Forest, Illinois; Credit Acceptance Corp. of Southfield, Michigan; and other...
...diversifies into leasing office products and secured credit cards. Most mobile-home customers are first-time home buyers or retirees with annual incomes of about $26,000; the trailers cost an average of $34,000. Green Tree's break came in the 1980s, when the savings-and-loan crisis drove many thrifts out of the mobile-home market. The company moved quickly into the vacuum. The gamble paid off big when the mobile-home market took off in the early 1990s. Since then, the firm has upgraded its relationship with dealers, establishing 24-hour service centers in St. Paul...
...industry has attracted numerous lawsuits around the country filed by customers who claim they have been ripped off. In a case that drew considerable public attention, an Alabama jury found Mercury Finance liable for fraud involving an auto-loan scheme that allegedly netted the firm hundreds of millions of dollars. The collection agencies that work hand in glove with the lenders have also been targeted for harassing or even threatening delinquents...
BORN: April 6, 1964, Muncie EDUCATION: Ivy Tech State College, A.A., 1990 FAMILY: Husband, Daniel; four children RELIGION: Pentecostal MILITARY: None OCCUPATION: Credit and loan adviser POLITICAL CAREER: None ADDRESS: 11715 Fox Road, Suite 400-202, Indianapolis...