December 12, 1987 |
A federal education official, defending a crackdown on student loan defaults, said Friday that some profit-making business schools recruit barely literate students out of unemployment lines. That charge at a Senate hearing by Bruce Carnes, deputy undersecretary of education, drew an angry retort from Sen. Edward M. Kennedy (D-Mass.), who accused the Reagan Administration of aiming its budget ax at "the most vulnerable young people in our society."
February 16, 2008 |
Countrywide Financial Corp. said Friday that home loan delinquencies and foreclosures rose in January as more borrowers struggled to make their mortgage payments. The nation's largest mortgage lender and servicer said loan delinquencies increased to 7.47% last month from 7.2% in December and 4.32% in January 2007. Loan servicers collect mortgage payments and distribute them to the owners of the mortgages. Calabasas-based Countrywide services mortgages totaling about $1.48 trillion.
July 17, 2012 |
Americans are borrowing huge amounts of money from their 401(k) retirement plans — and then having big trouble paying off their debt, according to a new study. Defaults on 401(k) loans have totaled as much as $37 billion a year in recent years, far higher than previously estimated, according to the analysis Monday by two researchers. The default rate hit 17.4% in the 12 months through May. That's down slightly from the 19.8% peak in mid-2010, but up dramatically from 9.7% in mid-2008, before the global financial crisis.
September 2, 1994 |
Defaults on student loans are declining as indebted graduates scramble to "do what's right" and the government uses new tools to dig into their wages and tax refunds in case they do not. Taxpayers are expected to spend $2 billion this year paying off uncollected student loans, down from a peak of $3.6 billion in 1991, Education Secretary Richard W. Riley said Thursday. "After years of rising defaults, it's going the other way," he said.
December 15, 1993 |
Bank of America has sued to foreclose on the Radisson Plaza Hotel in Irvine, charging that its owners have defaulted on a $19-million loan. In documents filed Monday in Orange County Superior Court, the bank said that GMY Investment Co., L.P., a limited partnership that owns the hotel, stopped making principal and interest payments in January--pushing the outstanding balance, including late fees, to $20.7 million. A default notice was filed with the court in November, court papers show.
August 18, 1989 |
Cineplex Odeon Corp., the Canadian movie theater chain that has been placed on the auction block by its two largest shareholder groups, said it could find itself in default on a $39-million bank loan and face accelerated payment of all of its long-term debt if its two top officers cease to be actively involved in the company's management. As of June 30, the company's long-term debt still exceeded $552 million, despite the recent sale of some major assets.