August 31, 1993 |
In an unusual effort to pressure medical professionals into paying overdue student loans, federal officials released the names Monday of nearly 5,000 doctors, dentists and other health workers who have defaulted on more than $228 million in government loans. The names also will be turned over to the Internal Revenue Service and the U.S. Justice Department for collection, said a spokeswoman for Health and Human Services Secretary Donna E.
CALIFORNIA | LOCAL
September 26, 1991 |
Developers of the Warner Ridge property are in default on a $43-million real estate loan and were accused in a lawsuit this week of violating federal racketeering statutes to obtain the money. The Warner Ridge developers have been in default since last October on the loan to finance the planned construction of seven mid-rise office towers on 21.5 acres in Woodland Hills, according to a lawsuit filed by Morgan Guaranty Trust of New York.
July 14, 1993 |
News that Southern California's second-largest home builder has defaulted on a $150-million development loan is sending a shiver through an already ailing industry. The decision by Fieldstone Group of Cos. to allow the loan for the 2,300-acre La Costa planned community in northern San Diego County to go into default shows that not even the biggest and most successful builders are immune from cash-flow problems. Late last year, in fact, the giant William Lyon Co.
May 24, 1988 |
Cardis Corp. was pushed to the brink of bankruptcy Monday as its major creditor, Security Pacific National Bank, declared a large loan in default and seized control of the troubled Buena Park auto parts distributor's primary bank account. Officials at Cardis and Security Pacific declined to discuss the reason for the bank's action. But a company spokesman acknowledged that it could force a bankruptcy filing by Cardis, the West's largest wholesaler of spark plugs, fan belts and other auto parts.
October 2, 1990 |
Financial News Network, best known for its 24-hour business news cable channel, said Monday that it may be placed in default on $48.5 million in bank loans because of a dispute with its outside auditors on how to account for start-up costs from a business venture begun earlier this year. The venture, named FNN: Pro, is a financial news service sold to retail stockbrokers and professional traders that was launched in July.
December 8, 1999 |
First American Financial Corp. has acquired a Texas-based operation that helps mortgage lenders nationwide process loan defaults by their borrowers. The unit, previously owned by Dallas-based law firm Barrett Burke Wilson Castle Daffin & Frappier, is one of the largest default-processing operations in the country, handling about 40% of all loan defaults experienced by large mortgage bankers, First American said. The operation has offices in 18 cities. Terms of the purchase were not disclosed.
March 17, 2010 |
Wynn Bloch has always dutifully paid her bills and socked away money for retirement. But in December she defaulted on the mortgage on her Palm Desert home, even though she could afford the payments. Bloch paid $385,000 for the two-bedroom in 2006, when prices were still surging. Comparable homes are now selling in the low-$200,000s. At 66, the retired psychologist doubted she'd see her investment rebound in her lifetime. Plus, she said she was duped into an expensive loan. The way she sees it, big banks that helped fuel the mess all got bailouts while small fry like her are left holding the bag. No more.