Word: loaning
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...while, Don Dixon stood tall in Texas. He was big rich, as Texans like to say. A successful real-estate developer, in 1982 he bought a tiny savings and loan in his hometown of Vernon and built it into a giant, at least on paper. By luring deposits from across the U.S. with high interest rates, Vernon S&L grew a spectacular 1,600% in just four years, making it one of the 20 largest thrifts in the state. But the S&L was lending money faster than it was coming in, often to projects on shaky financial footing. Meanwhile...
...cleanup teams. Even the President admits the need for a budget-and-tax compromise, but a heralded bipartisan summit has so far failed to produce even an agreement on how large the federal deficit really is. Flagrant political scandals -- most notably, craven sellouts by lawmakers to the savings and loan industry -- raise new calls for campaign reforms, but the effort is going nowhere. The decline of the nation's schools produces gusts of rhetoric but not one serious education reform...
...alphabet soup of troubled Government loan programs has added three new letters: FHA. Housing Secretary Jack Kemp contended last week that the largest Federal Housing Administration fund is running out of money. The Mutual Mortgage Insurance Fund, which guarantees about 690,000 home loans each year, has suffered a high rate of defaults because of sloppy supervision and falling real estate values. The fund's net worth has plunged from $8 billion in 1979 to $2.6 billion currently. Kemp has outlined a five-point plan to keep the fund solvent. His proposal would improve management and increase the premiums...
...based G. Heileman Brewing had been enjoying heady success until Australian raider Alan Bond took over the company in 1987 for $1.6 billion. Bond's empire collapsed two years later, leaving the brewer swamped with debt. Heileman is now attempting to give creditors an equity stake in return for loan relief...
...calculated, not something he fell into," says one political consultant. "How could the Senate sweep it under the rug?" The rug is already bulging with scandals: ethics investigations are proceeding against Senators Alan Cranston, John McCain, Dennis DeConcini, Donald Riegle and John Glenn for their ties to savings and loan operator Charles Keating; and New York Senator Alfonse D'Amato is under scrutiny for handing out federal housing grants to some campaign contributors...