Word: mortgagees
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Dates: during 1980-1989
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If nothing else, the account undoubtedly reflects Manufacturers Hanover's own happy circumstances. With more than 700 offices in 32 states, the bank's net income in 1981 rose 10.3% over 1980 levels, and total loans jumped 23.1%. Such financial clout gives the bank plenty of muscle to...
The nation's thrift institutions-savings and loans and savings banks-are in perhaps the shakiest shape of all. Andrew Carron, a Brookings Institution economist, estimates that the 4,000 U.S. thrifts will lose $9 billion between 1981 and 1983, cutting their collective net worth in half, because they...
(8 of 10) federal bankruptcy laws. Moreover, the recession itself, by forcing up unemployment, is also adding to the bankruptcy rolls. Nonetheless, in Oakland, Calif., Bankruptcy Expert Steven Flander argues that excessive mortgage payments have become a whole new menace that is forcing more and more people into insolvency. He...
The trend, of course, is benefiting many people. The same consumer who pays high interest on a mortgage or auto loan may well be collecting high interest on a certificate of deposit or an investment in a money market mutual fund. Those who can avoid borrowing and have dollars to...
Hold the butter. The annual cost of the world's guns and other implements of war, says James Dunnigan, is currently $700 billion and rising. The U.S.S.R., which has long stressed quantity over quality, will further mortgage its economic future if it hopes to catch up with the military...