June 24, 2007 |
When banking expert Alex J. Pollock started looking at mortgage disclosure forms, even he had trouble understanding them. Pollock, a former banking industry executive who now serves as a fellow at the American Enterprise Institute, a Washington, D.C.-based think tank, thought the poorly constructed documents might be one source of the nation's sub-prime banking problems. We talked with him about his recent proposal to simplify disclosures using a simple, one-page sheet. Here is an edited transcript of his comments: Question: What's the biggest problem you see with the current methods of disclosure?
May 9, 2002 |
WorldCom Inc. plans to take out a $5-billion loan from banks after it exercises an option to borrow on an existing credit line for one year, according to people familiar with the matter. The long-distance phone company, which has reported seven consecutive drops in quarterly profit, plans to take up its right to borrow $2.65billion on the existing credit line before it expires June 7.
March 13, 1986
Hit by declining oil prices, the Santa Monica-based oil producer said it was notified by Continental Illinois National Bank & Trust that it was in default for failing to pay interest on $38 million in loans outstanding under a secured revolving credit agreement. Argo said the Chicago bank didn't indicate whether it plans to seize collateral or call the notes in, but it gave the firm 30 days to avoid default on other terms of the loans. Cecil O.
CALIFORNIA | LOCAL
April 12, 1987 |
Chula Vista Mayor Greg Cox received a $2.2-million real estate loan from Home Federal Savings & Loan Assn. in August, 1985, and later cast votes for two multimillion-dollar development projects by the San Diego lender without disclosing the loan. Cox, who needed the $2.2 million to avoid default on a 123-unit apartment complex he and 10 other investors owned in Austin, Tex., did not list the loan on his annual financial disclosure forms for the past two years.
CALIFORNIA | LOCAL
April 22, 1989 |
Sheriff John Duffy, claiming that his failure to disclose $36,000 in loans he received last year was an oversight, has filed an amended Statement of Economic Interests naming the three close supporters who provided the money. The amended statement was filed Monday afternoon with the clerk of the Board of Supervisors after a reporter for the San Diego Reader newspaper questioned why Duffy had not listed the $36,000 loan that he and Sheriff's Lt. John Tenwolde used to pay opponents' attorneys fees after losing a lawsuit.
November 6, 2001 |
Credit Suisse First Boston agreed to provide EchoStar a $2.75-billion loan to replace an unusual financing arrangement in the company's bid for DirecTV, a division of General Motors Corp. subsidiary Hughes Electronics Corp. During negotiations the day before the $25.8-billion deal was announced Oct. 28, EchoStar Chairman Charles Ergen used his own EchoStar shares as collateral. Deutsche Bank had agreed to provide EchoStar with the other half of a $5.
CALIFORNIA | LOCAL
September 3, 1986 |
Albert J. Lowry, one of the nation's best-known authors of books on getting rich through real estate investments, is being sued by a bank that claims he and the three other owners of a Westlake Village health club defaulted on a $350,000 loan. California First Bank alleges in its Los Angeles Superior Court suit that Lowry and his partners in Westlake Sporthouse never made any payments on the loan, which was negotiated in August, 1985.
October 4, 2009 |
One reason we got into our current economic mess is because banks handed out home loans to pretty much anyone with a pulse, regardless of their ability to, you know, actually make mortgage payments. Banks have subsequently tightened their lending practices, which is a good thing. But have they gone too far? Glendora residents Angie Trujillo and Carl Heinzen think so. They're still trying to figure out why they got turned down for a refinancing of their mortgage. Before we get any deeper into their story, you should know that Trujillo, 61, is no stranger to the world of banking.
September 19, 1986 |
Opponents of Proposition 63--the November ballot measure that would declare English to be the official language of California--charged Thursday that supporters of the proposition have violated campaign financing laws by inaccurately reporting $300,000 in loans.