Word: loans
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Dates: during 1950-1959
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...argument. Democratic Senator J. W. Fulbright, chairman of the Senate Banking and Currency Committee, said that he would be "sympathetic" to any such request. He considered holding hearings on direct consumer credit controls such as the wartime Regulation W, which specified minimum down payments and maximum loan terms. Allan Sproul, president of the Federal Reserve Bank of New York, is also worried, feels that credit abuses in boom times can become a "serious source of instability in our economy." He argues that consumer credit controls should be among the Federal Reserve Board's permanent economic tools...
...Like Banker Sproul, the President's Council of Economic Advisers thinks that the FRB should have the power to impose direct consumer credit controls. Currently, the FRB can enforce only indirect restrictions on consumer credit through its overall monetary operations. It can restrict credit only by increasing loan costs through boosts in the rediscount rate and reserves of member banks and sales of Government securities. But on the basis of past history, the council feels that such general, indirect controls are inadequate to deal with the special problem of consumer credit. While these may curb consumer credit, they also...
...proposed loan system, first of its kind in the country, would be administered by a corporation, with Governor Herter as its head. President Pusey, Graham said last night, will be asked to serve as one of the group's 25 incorporators...
...pointed out, however, that "we have a very large loan program here, and I'm not sure that this program will be utilized extensively by Harvard students." He felt, that for most colleges "this is a very worthwhile effort, and I am certainly...
...addition to easing credit, the Federal Housing Administration hopes to push the home-improvement business in 1956 by upping the maximum Title I (repair and modernization) loan from $2,500 to $3,500 and the maximum repayment period from three to five years. Home improvement alone, guessed one builder, might be a $10 billion industry this year. Housing men also expect more higher-priced houses will be built. Said one builder: "People can afford to buy better houses, and we have had to raise standards and prices after ten years of building cheeseboxes...