Word: loaning
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Greenspan's challenges will increase in the coming year. Aside from a softening economy, the shape of finance and credit in the U.S. is changing. More than a decade of ever loosening regulation of credit terms and conditions led first to financial debacles in savings-and-loan associations and currently to widespread concern about the health of many banks in general. Says Robert Litan, a senior fellow at Brookings Institution: "One could make the case that our banking system is more fragile now than at any time before a recession...
Potentially more worrisome is a different kind of credit contraction, a cyclical one. In the gaga '80s, lenders used practically every debt instrument imaginable. Junk bonds were issued in an almost endless variety of complex forms. The consumer got into the act as well. Home-equity loans and lines of credit, which are basically latter-day relatives of the second mortgages that led to so many foreclosures in the 1930s, rose from $20 billion in 1985 to $75 billion in 1988. At the same time, creditors lengthened maturities. The average auto loan is now payable over 48 months, up from...
...Bush budget would slash completely the State Student Incentive Grant (SSIG) program--which currently receives approximately $59 million from the federal government--and would eliminate federal contributions to the Perkins Loan Program--which gets about $159 million. In addition, the administration would freeze spending on Supplemental Grants and College Work-Study programs...
...supporters of the budget justify the reductions in loan programs by relying on a predicted reduction in interest rates this year. Anderson says that the anticipated lower interest rates will allow the government to spend less on loan programs and still provide the same amount...
...They will have no choice but to fund [a loan program] from somewhere else" through either a program cut or a supplemental appropriation from Congress, according to Saralee S. Todd, special assistant to Hawkins...