The loans were recorded the old-fashioned way, with ink, in green passbooks that enumerated the borrowers' commitments to "exercise responsible financial behavior," "seek preventative health care" and meet each week in a "comfortable and safe place".
(In some document packages, the borrower's commitment regarding occupancy is broken out into a separate Occupancy Affidavit).
Borrowers want commitment: they don't want to risk facing sudden demands for repayment.
In New Resource Bank's situation, because we're looking for borrowers with a commitment to sustainability, when people can check that box a loan seems all the more assured.
"This increases the financial commitment of borrowers to repaying their loans," the post-consultation report from the Department for Business, Innovation and Skills (BIS) said, announcing the freeze.
The Dutch lender Rabobank has applied a nine-point checklist of conditions for would-be oil and gas borrowers that includes commitments to improve environmental performance and protect water quality.
In exchange for writing down such a large portion of the principal balance, the bank would receive a commitment from the borrower to share 38.86 percent of the property's value when eventually sold.
But those programs have underperformed, Obama and Duncan have acknowledged, failing to enroll a sizeable number of borrowers and casting doubt on the Education Department's commitment to helping current borrowers manage their debt.
Amid the languishing talks, the bank sent a letter to Mr. Schneiderman's office, reiterating its commitment to "helping borrowers maintain homeownership and achieve long-term financial success," according to a copy of the letter reviewed by The Times.
While O'Malley hasn't yet suggested any specific actions designed to promote forgiveness or refinancing of student loans on a national scale, his similarities to Senator Elizabeth Warren -- and his desire to capture the allegiance of those who wish she were running -- could predict a similar commitment to student borrowers.
