Word: loans
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Dates: during 1980-1989
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...mortgage, repayable only when the house is resold. A vital ingredient in many private housing initiatives, the second mortgage can bridge the gap between the price of a home and the amount of a first mortgage that a low-income family can afford. For the Joneses, this interest-free loan, coupled with a below-market- rate first mortgage from New York State, reduced the monthly cost of their house to just $350; they had been paying $375 for a two-bedroom public-housing apartment...
Cutting costs and obtaining "layered financing" from different sources are fundamental techniques for keeping down the price of new construction. In South Boston a bricklayers union reduced its overhead on 18 units of moderate- income housing by obtaining a $1.5 million construction loan from a local bank at below prime rate. The reason for the discount: the union agreed to invest $1.5 million of its pension fund in the bank's certificates of deposit. In nearby Somerville, Mass., the nonprofit Somerville Corp. used $484,000 from a 1984 federal Urban Development Action grant to attract more than $2 million...
...banter is uncommonly happy. "What do you think, campers?" says Conner, who never seems to command, only question. "Will anybody be heartbroken if we change this sail? Shall we put up Dolly?" Perhaps a revolutionary and certainly a ! provocative new spinnaker -- featuring rows of billowing bulges -- is on loan from the N.Y.Y.C. The club had a falling-out with Conner three years ago; its entry America II fell out of the tournament seven weeks ago. Miss Parton's namesake constitutes a peace offering. "I love the way she shakes those thingies," he sings...
When Jerry Cosentino talks, Illinois banks listen. The state's new treasurer is determined to force banks to reduce their interest rates for credit cards. Charging close to 20%, he says, is nothing more than "legal loan-sharking." Last week, after the First National Bank of Chicago refused to lower its 19.8% credit-card interest rate, Cosentino indignantly yanked $220 million in state deposits out of accounts at the bank. Said he: "Illinois taxpayers will not help fund this gouging of consumers any longer...
...last word in airborne luxury. But last week the jetliner, with its three bedrooms, crystal goblets and Russian sable bedspread, was seized by police at Le Bourget Airport in Paris under a court order obtained by British Industrialist Roland ("Tiny") Rowland, who seeks repayment of a $2.5 million loan...