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Loan Defaults

NEWS
December 21, 1990 | CARL INGRAM, TIMES STAFF WRITER
Federal legislation aimed at reducing the national debt also threatens to block the enrollment of 100,000 new students in California community colleges and could cost the institutions $200 million in lost federal aid, a top state educator said Thursday.
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NEWS
August 31, 1993 | JACK CHEEVERS, TIMES STAFF WRITER
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 | JOHN SCHWADA, TIMES STAFF WRITER
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.
BUSINESS
July 14, 1993 | JOHN O'DELL, TIMES STAFF WRITER; Times staff writer David W. Myers in Los Angeles contributed to this report
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.
NEWS
May 1, 1994 | IRENE WIELAWSKI, TIMES STAFF WRITER
When a new Beverly Hills company sought a loan guarantee from the state, its goal seemed laudable: to expand residential care services in poor neighborhoods of Los Angeles County. The company, though, did not meet the state's financial requirements, and one of its facilities had a history of serious health and safety violations. Still, the state's Cal-Mortgage program granted $17 million in loan guarantees to Community Adult Care Centers of America Inc. four years ago.
BUSINESS
April 23, 1993 | GEORGE WHITE, TIMES STAFF WRITER
Sun Computers Inc., a Carson-based computer retail chain and one of the county's largest minority-owned enterprises, has defaulted on a loan and suspended operations, company officials and a major creditor said Thursday. Sun's troubles are the latest sign of distress in computer retailing, which has been rocked by slow sales and pinched by falling machinery prices. Sun, founded in 1980, has been one of the Southland's larger Apple computer dealers.
BUSINESS
May 24, 1988 | JOHN CHARLES TIGHE, Times Staff Writer
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.
BUSINESS
October 2, 1990 | JOHN LIPPMAN, TIMES STAFF WRITER
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.
CALIFORNIA | LOCAL
September 2, 1993 | JEFFREY A. PERLMAN, TIMES URBAN AFFAIRS WRITER
Federal officials have conceded that a list they released this week of health professionals who allegedly defaulted on their student loans was misleading and included some who may have been late only once in a recent 12-month period. More than 50 Orange County health care professionals, ranging from chiropractors to dentists, were on the list, distribution of which was used by the U.S. Health and Human Resources Agency to pressure people into paying up.
BUSINESS
November 29, 2009 | By Alejandro Lazo
As job losses mount and Americans are faced with mortgage payments they can no longer afford, many are asking: Should I stay or should I go? Bailing out on your home loan and opting to rent may make economic sense in some circumstances, particularly if you are saddled with a big mortgage payment on a home that has dropped steeply in value. But there are serious consequences -- financial, legal, emotional and ethical -- attached to the decision. "There is no angle that you can look at that situation and think it is a great idea," said Bruce McClary, a spokesman for ClearPoint Credit Counseling Solutions.
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