Exact(5)
A government loan, failed repayment, a $4 million Bain profit.
Last-ditch support from Downing Street and a possible £110m bridging loan failed to reassure SAIC.
Ultimately, the savings and loan failed, costing taxpayers $161 million in a federal bailout.
Instead, he said that much like a bank, he and his partners secured collateral to seize if the loan failed -- often property the borrower is trying to lease or buy.
Mr. McCain seems somewhat vulnerable on that score, as his most serious political crisis came more than a decade ago after he intervened with regulators on behalf of a campaign contributor, Charles H. Keating Jr., an Arizona executive whose savings and loan failed at a cost to taxpayers of $2 billion.
Similar(55)
Deposit insurance covers losses if a bank or savings and loan fails.
When the real estate market rebounds and lenders make loans more liberally, brokers fear they may be held liable if a borrower overrides a recommendation and opts for a riskier loan and the loan fails.
If the new IMF loan fails to calm investors, he may also face a choice between defaulting on the public debt and reducing its value through a burst of inflation.
RATE LOCKS Given the high volume of applications, it's also important to ask the lender when the loan will close — and what happens to your rate if the loan fails to close before your rate lock expires.
In Twinsectra Lord Millett also explained that a Quistclose trust is a resulting trust, but held that the lender retains the interest throughout the transaction, with no need for this interest to reverse if the purpose of the loan fails.
Jon Leibowitz, the chairman of the Federal Trade Commission, said Countrywide "profited from making risky loans to homeowners during the boom years, and then profited again when the loans failed".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com