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October 12, 2013 | By Robert Hilburn
Johnny Cash's life in the 1960s is mostly remembered as a time of glorious achievement - from the landmark prison albums at Folsom and San Quentin to the launch of the ABC-TV series featuring such guests as Bob Dylan and the Doors that led to his becoming a giant figure in popular culture, a symbol to millions, no less, of the best of American social values. But Cash also experienced excruciatingly dark times in the decade, fueled by drugs and guilt over the breakup of his marriage.
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BUSINESS
April 27, 2014 | By Kenneth R. Harney
WASHINGTON - Are you on the home-buying sidelines this spring because you think you won't be able to qualify for a mortgage? Do you know what sort of FICO credit scores are being accepted by lenders at the moment - they're lower than they were a year ago - and whether yours could now be good enough? You may be part of the surprisingly large crowd of folks who fear the home-loan unknown. A new national consumer survey found that 56% of potential purchasers of homes say they're out of the market because they don't want to face the possibility of rejection by lenders.
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BUSINESS
April 12, 2008 | From Times Wire Services
Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth-largest bank. The Charlotte, N.C.-based company said the new guidelines for its portfolio loans, or those it keeps on its books, take effect this month. They are aimed at reducing Wachovia's exposure to risky home loans that tend to lead to foreclosures. "We want to ensure Wachovia maintains strong credit quality and we are making sure we're putting customers in the right loans," Wachovia spokesman Don Vecchiarello said.
BUSINESS
April 27, 2014 | Liz Weston, Money Talk
Dear Liz: I got a big tax refund this year and am trying to figure out what to do with the money. Right now I have school loans with a 4% interest rate that I do not need to make a payment on until 2024 with my current payment plan, but the amount I owe is pretty hefty and I know it's going to compound more over time. I also have a very low-interest car loan (1.9%) that will be paid off in 31/2 years. I also could put that money in the market in hopes that it will grow. I should add I am 27 years old. Any advice?
BUSINESS
April 9, 2008 | From Times Staff and Wire Reports
Citigroup Inc. is in talks to sell $12 billion of junk-grade corporate loans to Apollo Management, Blackstone Group and TPG Inc. as part of an effort to shrink the bank's balance sheet, a person familiar with the matter said. The loans are part of $43 billion of leveraged-buyout debt that Citigroup was stuck with last year after credit markets froze. The company, the biggest U.S. bank as measured by assets, could complete the sale by next week, when it is expected to report first-quarter results.
CALIFORNIA | LOCAL
December 19, 1990 | LISA MASCARO
Homeowners in Buena Park will now have a chance to make improvements to single-family homes with the assistance of low-interest loans available through the city. Just over 100 of the one-time-only loans for up to $20,000 each are available to qualified homeowners in the city on a first-come, first-served basis. And up to $30,000 is available to those residents hoping to build room additions to relieve overcrowding in their homes.
BUSINESS
September 23, 1988 | DOUGLAS FRANTZ, Times Staff Writer
First Interstate Bancorp said Thursday that it will set aside a surprisingly hefty $180 million for loan losses at its Texas bank and shift $400 million in non-performing loans to a so-called bad bank. The separate actions will result in a third-quarter loss "much in excess of $100 million," but earnings should improve sharply in 1989, Joseph J. Pinola, chairman and chief executive of the Los Angeles-based banking company, said in an interview.
NEWS
March 11, 1995 | J.R. MOEHRINGER, TIMES STAFF WRITER
A last-minute agreement Friday has spared the "Kron Street Castle," an architecturally unique residence that city officials have been threatening to demolish for more than 10 years. A wrecking ball was scheduled to hit the house today after city officials said they were left with no other means of forcing Haym and Fern Ganish to finish a remodeling job they launched in 1982.
BUSINESS
January 16, 1996 | PAUL H. JOHNSON, TIMES STAFF WRITER
Five of the nation's largest African American religious organizations said Monday that they have formed a corporation that will pool blacks' buying power to give them greater clout in obtaining loans, goods and services. The effort, believed to be the first of its kind on a national level, is similar to local efforts by minority communities in Southern California and elsewhere to pool members' resources. Revelation Corp. of America, based in Memphis, Tenn.
BUSINESS
September 5, 2013 | By E. Scott Reckard
With mortgage rates rising to levels not seen for two years, it's hard work finding a great deal on a home loan - unless you're rich enough to need a jumbo mortgage. These loans on steroids certainly aren't for everyone: Jumbos are defined as mortgages over $625,500 in much of California and more than $417,000 even in places where homes are cheap. But if you can qualify, America's banks stand ready to reward you with a rate nearly as good as or even better than what you can get for a normal loan.
CALIFORNIA | LOCAL
April 25, 2014 | By Christine Mai-Duc
South Bay Assemblyman Al Muratsuchi on Friday announced a bill designed to take the financial heat off Hermosa Beach voters who are being asked to decide whether to allow oil drilling in their city for the first time in more than 80 years. The legislation would allow the city to take out a no-interest loan from the state to help pay off a $17.5-million penalty the city would face if voters in the beach town reject an oil drilling proposal. The assemblyman said he wanted Hermosa Beach residents to vote "without the gun of this financial penalty to their head.
BUSINESS
April 25, 2014 | By E. Scott Reckard
The mortgage industry's output of new loans is at the lowest point in 14 years, according to estimates from a trade publication.  Inside Mortgage Finance said Thursday that even in the depths of the financial crisis, mortgage lenders were busier than during the first quarter of 2014. One factor is the end of a refinance boom as interest rates have risen well off their record lows. But though the rates are still great by historical measures, mortgages written for home purchases have been weak as well, as sales of new and previously owned homes have slowed.
BUSINESS
April 25, 2014 | By Tim Logan
Fewer home sales and rising interest rates have led to the nation's lowest level of mortgage lending in 14 years. Just $235 billion in home loans were started in the first three months of the year, the lowest figure recorded in a quarter since 2000, according to data from trade publication Inside Mortgage Finance. That's down nearly a quarter from the end of 2013 and more than half from the same period last year, when the housing market was heating up, especially in Southern California.
OPINION
April 23, 2014 | By Edward J. Pinto and Stephen D. Oliner
Even though the recent financial crisis is barely in the rearview mirror, risk is starting to build once again in both the U.S. mortgage and housing markets. Contrary to the prevailing view that only borrowers with pristine credit records can get a mortgage these days, many risky loans are still being made. A new index published by the International Center on Housing Risk at the American Enterprise Institute measures this risk month by month, based on about three-quarters of all home-purchase loans extended across the country.
BUSINESS
April 22, 2014 | By Ricardo Lopez
A new report released Tuesday by the Consumer Financial Protection Bureau is warning borrowers of a catch that is pushing private student loans into default even if the loan is in good standing.    The federal consumer agency said that borrowers complain of being blindsided when their student loans automatically default when co-signers -- usually parents or grandparents -- die or fall into bankruptcy. When this happens, lenders demand that the full amount be paid immediately.
NEWS
April 12, 2014 | By Don Lee
WASHINGTON - The U.S. made clear this week that it wants the International Monetary Fund to be the emergency lender for countries like Ukraine, but American lawmakers have persistently refused to give the IMF the additional financial firepower that it has sought. That tension was evident in meetings concluding this weekend of the IMF, the World Bank and representatives of the Group of 20 major economies: Washington's long delay in ratifying changes to the IMF's so-called quota system came under fire from finance ministers and other officials of many countries.
CALIFORNIA | LOCAL
April 9, 2014 | By Patrick McGreevy
SACRAMENTO -- Administrators from California's two public university systems called Wednesday for the state to provide student loans to some immigrants in the country illegally to cover expenses not met with state scholarships. UC President Janet Napolitano and Sacramento State President Alexander Gonzalez said their  university systems are backing legislation creating the loan program, which will cost the state and campuses up to $9.1 million the first year. Napolitano noted that the state previously granted students in the country illegally access to state scholarships and the in-state residence rate.
CALIFORNIA | LOCAL
August 18, 2010
Here are some of the loans made by the city of Bell to employees and elected officials: Former City Manager Robert Rizzo: $160,000 Former Assistant City Manager Angela Spaccia: $230,000 Administrative Services Manager Lourdes Garcia: $100,000 Councilman Oscar Hernandez: $20,000 Councilman Luis Artiga: $20,000 Former Councilman George Bass: $20,000 Source: City of Bell ...
CALIFORNIA | LOCAL
April 11, 2014 | By Anh Do
The owner of a Little Saigon lounge who federal agents say was victimized in a loan shark operation has filed a lawsuit against the Police Department in Westminster, charging that officers formed a "team" to provide muscle for the key suspect. Hanh Le said officers threatened and intimidated her, pulled her over on bogus traffic stops and showed up at her lounge unannounced, pushing her to pay her monthly installments on a high-interest loan. "My client lived with so much fear," said Mark Eisenberg, Le's attorney.
BUSINESS
April 10, 2014 | By E. Scott Reckard
Lenders were offering 30-year fixed-rate mortgages at an average of 4.34% this week compared with 4.41% a week ago, according to the widely watched survey from home finance giant Freddie Mac.  The decline in rates, reflecting a belief that overall inflation remains at bay, was also seen in 15-year fixed loans, which dropped from an average 3.47% to 3.38%. Start rates for adjustable-rate loans also fell, according to Freddie Mac. QUIZ: Test your knowledge of home lending Freddie Mac asks lenders across the nation about the terms they are offering on popular loan types to borrowers considered low risk and with 20% down payments or equivalent home equity in the case of refinance loans.
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