Word: payments
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Dates: during 1950-1959
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...some soft spots. One worry is the growing number of deceptively easy auto loans that helped push total auto credit to a record $10.6 billion in February. Finance companies have junked the traditional "one-third down and 24 months to pay," and some go as far as no down payment and five years to pay. Both banks and big finance companies such as General Motors Acceptance Corp. and C.I.T. have extended their terms from 24 to 30 months, and in some cases even to 36 months. So far, repossessions have stayed close to the low, prewar level, but few thoughtful...
...Federal Housing Administration insured loans. In February the VA, which already has $27 billion out in loans, got applications "for 104,000 more loans, the highest monthly total since October 1950, and 86% more than a year ago. Almost 40% of the VA's loans require no down payment, give up to 30 years to pay, thus putting consumers in debt for too long a time. Some no-down loans even cover the mortgage closure costs, while in Texas one lender advertises a $50 cash premium with each loan signed. However, repayments are being made on schedule, and defaults...
...also rationed the number of loans it will insure, sometimes cutting builders' applications by as much as 90%. Private bankers are also tightening up, pressing for shorter terms on private loans. Last week a group of top insurance executives recommended that VA require a 5% down payment on loans and that it shorten the terms to 25 years; they also wanted FHA, which already requires 5% down on its loans, to boost payments...
...Treasury prefer deals by which foreign currencies help defray U.S. costs abroad. But not surprisingly, countries where the U.S. has military bases or expensive economic missions figure that the U.S. will have to pay its expenses anyway. So why not hold out for dollars, rather than food, in payment...
...special investigators, who have the power to descend on any enterprise and check its books; 2) repeal of penalties for tax evasion. Egged on by Poujade, tens of thousands of taxpayers, mostly in southern France, where his strength is greatest, have refused to make their first installment in payment of taxes on last year's income. About half the members of the National Assembly are flirting nervously with provincial Poujadist organizations...