Word: loans
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Dates: during 1950-1959
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...make small loans, Hodges' administration established a Business Development Corp. Hodges stumped the state, selling stock in the corporation at $10 a share and raising $1,000,000; he later got an $8,000,000 line of credit from banks, insurance companies, savings and loan associations. To date, the corporation has lent about $4,000,000 to 70 homegrown small businesses and industries in lumps from...
...areas hard hit by unemployment, repossessions (especially of autos) and delinquencies on installment payments naturally rose. But even they were not alarming. In Detroit, businessmen reported a "definite upsurge" in repossessions and mortgage foreclosures. In Worcester, Mass., where non-farm unemployment reached 10%, loan companies reported repossessions up from a normal .5% to nearly 2%. In Gary, Ind., dependent on steel, auto repossessions rose from five...
...recession actually im proved collections in some places. Sanger Bros. Department Store in Dallas and one of San Francisco's biggest department stores reported that collections were better during the recession than before it. Said Emil J. Seliga, president of Chicago's Talman Federal Savings and Loan Association: "The line of delinquencies this year is no more than the last two years. Sometimes I almost pinched myself because it seemed too good to be true...
...bought on time. But banks, finance companies and stores now realize that what is good for the consumer is also good for them. To avoid repossessions they go out of their way to rearrange terms, give the borrower a better break. Chicago's Talman Savings and Loan announced in June that people who had had loans for two years and lost their jobs could skip their payments for up to six months...
...University of North Carolina at Chapel Hill. His father, at that time dying of cancer, thought that any further education would be a waste of money, and flatly refused to pay for his graduate study. His mother, though reluctant to send Tom to a northern school, agreed to loan him the funds, subtracting the money from his share of his father's estate...