Word: avoids
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Dates: during 2000-2009
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...crafting the plan, policymakers had to walk a fine line between helping borrowers who have been caught off guard by tricky mortgage products and falling house prices and those who simply made imprudent decisions and genuinely can't afford their homes. In order to avoid propping up the second group, Treasury won't subsidize loan modifications that reduce the interest rate below 2%. If you can't afford a 2% mortgage, in the eyes of the government, you can't afford your house. The plan also doesn't apply to investors or people with jumbo mortgages - those, historically, larger than...
Those attempts to avoid moral hazard, though, might make the plan less effective in stemming the tide of foreclosures. "This goes a long way but not far enough," says Bruce Marks, who runs the Neighborhood Assistance Corporation of America, a nonprofit that works with servicers to restructure loans. After five years, the interest rate on modified loans can rise again, up to the industry average when the change is made, even if that pushes borrowers above the 38% payment-to-income ratio. The plan encourages but does not require servicers to make adjustments to principal balance - the generally acknowledged best...
Domestic car sales are down about 30%. Sales at Chrysler have been hit hardest, down 50% in the most recent two months. In a bad economy, it makes sense that consumers will avoid a $25,000 purchase. Analysts and economists are trying to figure out how much people are willing to spend for almost everything. Will they buy a new refrigerator for $500 if their current model is old but not broken? The data from the last quarter indicate that they...
...Detroit More $$$, Please General Motors and Chrysler submitted restructuring reports to the Treasury on Feb. 17, asking the Federal Government for $14 billion in further emergency loans, bringing the total amount that the Detroit automakers have requested to $39 billion. GM says it needs $12 billion more to avoid bankruptcy and announced plans to lay off 47,000 employees and sell or phase out three of its marques--Saturn, Hummer and Saab--and reduce Pontiac to a "highly focused niche brand." Chrysler has asked for $5 billion and plans to cut 3,000 jobs...
...ideologue. (As far as the rest of the world is concerned, so was Bush.) And so are all the other anti-U.S. strongmen out there, from North Korea to Iran, with whom Obama believes he should grit his teeth and engage in the interest of U.S. security. To avoid doing in Latin America what he deems sensible in the Middle East and Asia would repeat Washington's careless habit of treating the continent in ways that helped give rise to the Castros and Chávezes in the first place. The best way to disarm...