Word: loaning
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...contending, "We don't know the impact on the taxpayer yet." One likely reason for his evasion: on the same day that Brady unveiled the new estimates, Bush's third son, Neil, was explaining to the House Banking Committee his role in the downfall of the Silverado Savings and Loan of Denver. Bush, 34, is under investigation for potential conflicts of interest as a director of the thrift. In 1986 he voted to approve a $106 million loan for a business partner, real estate developer William Walters, who had earlier loaned Bush's oil company $1.5 million. Bush...
...another case, Bush sought a $900,000 line of credit on behalf of developer Kenneth Good, who several years earlier had given Bush a $100,000 no-risk loan that was eventually forgiven. "I know it sounds a little fishy," Bush testified. "The loan ((from Good)) was never meant to be repaid unless there was a success" in a commodities venture in which Bush took part. Federal thrift regulators, who question young Bush's explanations, are seeking an order barring him from repeating any such conflicts. Moreover, he may face civil suits from Silverado's depositors. While the younger Bush...
...three years Colin Richardson faithfully made every payment on the $125,000 mortgage on his small auto-repair shop in Lexington, Mass. But last February the Bank of Boston suddenly called in the loan. The bank, which was responding to pressure from U.S. regulators to tighten credit standards, relented only after an outraged Richardson went public with his plight by telling it to reporters in a one-man media blitz. Says he: "It would have made no sense to close my doors and sell everything off just to pay back the bank. How absolutely ridiculous and astounding for a little...
...scarcity of credit had contributed to the central bank's decision at a policy meeting last March not to raise interest rates, despite worries about inflation. Federal Reserve Chairman Alan Greenspan and other top regulators later urged banks during an extraordinary May 10 session in Washington to continue making loans to credit- worthy customers. Said Greenspan at the meeting: "If you have zero loan losses, then you're not doing your...
Meanwhile, Congress has been swamped with voter complaints that lenders have been unfairly rejecting loan requests. Says Senate Banking Committee chairman Donald Riegle Jr. of Michigan, who plans to hold June hearings on the growing scarcity of funds: "Some kind of credit contraction is going on. It is probably most notable in real estate, but there is more and more evidence that it is spilling over to small business in general...