Word: ratings
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Dates: during 1970-1979
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Builders are in trouble too. On construction loans, they generally pay 2 points above the prime interest rate that banks charge their top corporate customers. That means builders are paying 16½% interest, vs. 15½% only two weeks ago. Various charges may bring the effective interest rate to a towering 20% by the end of the year. Builders will start fewer houses and charge more for them. The National Association of Home Builders figures that the average price of a new house, now $64,000, will go up $1,000 by Dec. 31, and the combination of price increases...
...underwriters-including the Abu Dhabi Investment Co.-were involved in the syndicate selling the issue, and their losses may run as high as $25 million. The main reason was that the Federal Reserve Board jumped the gun in pushing up the discount rate to banks to a record...
...building and all the cash he could pull together, Deane was able to swing a loan of $1.6 million. The project was to be completed last April. Then he had trouble putting the package together. Work on the building started 14 months behind schedule. Meanwhile, the interest rate on Deane's loan has been going up and up; last week it reached 17.75%. The people who had been assured of mortgage loans are no longer certain that they can get them, or afford them, at the new rates. The space he hopes to sell has risen by as much...
...Louis, officers of the Federal Reserve Bank there were pleased because they had long advocated such a move. See story on page 6. In the nation's money markets, large certificates of deposit and other short-term instruments quickly matched the one-point rise in the discount rate. See story on page 2. Foreign-exchange traders, happy about the Fed's actions, sent the U.S. dollar up by 2%; gold fell more than $17 an ounce. See story on page 3. But the U.S. stock, bond and commodities markets were less sanguine. See stories on pages...
Bergland, the stoic Norwegian, even gets a little poetic when he contemplates the fall drama. "American gold," he calls the soybeans, which sell for $6.57 per bu. and which we export at the rate of 1 billion bu. a year. "A storybook," the Secretary says of this. The Soviet leaders study it line by line...