Word: loans
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Dates: during 1980-1989
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...Japanese program began modestly after World War II as reparations paid to Southeast Asian countries ravaged by the Imperial Army. In the 1960s, admits a Japanese official, "loan aid was primarily aimed at promoting exports and securing raw materials." Only by the 1970s did much of Japan's aid begin to flow into loans and grants for such projects as port facilities in the Philippines, highways in Indonesia and hospitals in Bolivia...
...School Dean James Vorenberg '49 resigned last week with an impressive record; however, recent events show that it is time for new leadership. He can be proud of the stamp he has left on the Law School, particularly in the generous loan forgiveness program for students who enter public service. Vorenberg's attempts to hire more women and minority professors are both laudable and have set out an agenda for the next dean...
Still, M. Danny Wall, chairman of the Federal Home Loan Bank Board, which oversees FSLIC, believes that the thrift spiral is finally ending. His list of the worst-off thrifts has stabilized at 204. Moreover, S and Ls in general are starting to soak up much needed deposits again. During the first two months of this year, thrifts absorbed $10.6 billion in new deposits, compared with an outflow of $3.2 billion during that period last year...
FSLIC is steadily whittling away at the problem cases. Since last August it has closed 13 thrifts and merged 28 others into healthy institutions. Last week regulators began negotiating the sale of one of their most unwieldy cases, California's American Savings & Loan Association, the nation's second largest thrift (assets: $33 billion...
Many savings and loan executives and analysts believe the thrift industry needs an even more aggressive cleanup. But Wall contends that the problems are contained mostly in one region. Says he: "Aside from Texas and the other oil- patch states, there is no question that we are well past the trough." In fact, more than 100 of the 280 or so thrifts in Texas are technically insolvent but still lurching along in business. FSLIC will have to clean up that gulch of insolvency as soon as possible if it hopes to maintain confidence in the thrift industry as a whole...