Word: affords
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Dates: during 2000-2009
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...year," says John Miller, chief investment officer of Nuveen Asset Management, which runs, among other things, municipal-bond funds. "Those are areas where obligations are probably growing faster than their revenues." That spend-now-pay-later attitude eventually catches up with a state. Ask California. (Read "Can the U.S. Afford to Let California Fail...
...Majoor started what would turn out to be a five-year career in prostitution. Before she made the decision to sell her body, Majoor’s teenage life was defined by ultimate indigence: She was living on the streets of Amsterdam, dabbling in hard drugs when she could afford them, suffering from a lack of healthy food and adequate clothing, and really desiring one thing...
...than what they owe. That finding, from a paper by economists at the University of Chicago, Northwestern University and the European University Institute, raises some doubt about the approach the Obama Administration has taken toward stabilizing the housing market. The current approach focuses on whether or not homeowners can afford their monthly payments, and largely ignores the fact that some 20% of homeowners owe more than their house is worth - a situation known as negative equity, or being "underwater," which, according to the paper's findings, may itself trigger default...
...School Financial Trust Index. In December 2008 and again in March 2009, 1,000 people were surveyed and asked, among other things, if they knew anyone who had defaulted on a mortgage, and if they knew anyone who had defaulted on a mortgage even if he or she could afford to make the monthly payment. By taking the ratio of the two answers, the economists calculated that more than a quarter of defaults are, as they put it, "strategic." (Read "Home Sales Perk Up, but Expensive Houses Languish...
...They can still afford to pay but they decide not to," says Paola Sapienza, a finance professor at Northwestern University and one of the paper's authors. "It's very easy to do this in the U.S." Even though there are serious consequences to reneging on a home loan - including wrecked credit, not being able to buy another house for years to come, the cost of moving and the social stigma associated with being a person who does not honor one's commitments - lenders tend not to pursue former homeowners for the money they are owed because of the prohibitive...