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Newspaper
Delaware County Daily Times
Location
Chester, Pennsylvania, United States of America
Date
Dec 24, 1990
Page
12
A New York viewpoint argues downturns are natural and temporary. It notes falling interest rates easing mortgage costs and bank adjustments while predicting job losses and corporate cuts, yet insists recovery begins as old firms and practices are cleared away.
Reports claim widespread miscalculations in adjustable rate mortgage loans over a decade, with estimates of up to 35 percent of ARMs miscomputed and borrowers overcharged as much as eight billion dollars from 1979 to 1989. Officials warn results are not yet independently verified and lawsuits have begun.
Cummins Engine Co. tops U S charitable contributions with $135 million in 1988, while IBM gives the most pre tax income. Indiana diesel maker Cummins trails in pretax income, with Iva Seeaneton posting $14 million in gifts, about 14 9 percent of managed funds.
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