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He had pledged Coroin shares as security for bank loans well in excess of the value of the shares.
The tipping point was realising that I could still be paying off my student loans well into my forties.
In New York last week, South Korean negotiators asked to stretch out repayment of their loans well beyond a year.
But these loans, well suited to low-income or first-time home buyers, do not generate the high fees that Countrywide encouraged its sales force to pursue.
HSBC has made provision for $67bn of losses on loans since 2006 and is expected, like the other major banks, to continue writing off loans well into 2011.
This is puzzling, given the wreckage in the subprime market — lenders going bankrupt, stocks of issuers falling, default rates on new loans well above historical averages.
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Their main argument is that the federal figure includes a bucket of loans Wells wrote down when it bought Wachovia in 2008.
Executives have benefited from insider loans, well-timed stock sales and deals involving artwork and also from business steered to relatives behavior that was encouraged by cross-board directorships with affiliates of Masco.
Although the term loan matures in 2016, the Company anticipates repaying the loan well before the maturity date, due to the significant cash flow the business is expected to generate.
Apply for a loan well in advance because the competition is fierce and you don't want to lose out because you've been tardy in sending in your application.
Analyst Jamie Rollo said: We think there is a reasonable risk that Thomas Cook will have to resort to raising equity to ensure it can pay off its loan well in advance of its covenant step-down [tightening next year].
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