Word: bankes
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Dates: during 2000-2009
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...best interest to keep borrowers in their homes, even if they're paying less. Foreclosure is such a costly process, a lender might easily only recoup half of what it's owed. In August, the Federal Deposit Insurance Corporation instituted an aggressive loan-modification effort at the failed IndyMac Bank, and that program is now a template for what the government might encourage at a national level. Basically, the FDIC wants to set up a series of incentives, like $1,000 for each modification, as well as loss sharing, should rewritten loans run into trouble...
...Unfortunately, there is precious little data on what sorts of changes to mortgages do have the best shot of keeping borrowers in their homes in the long run. The most quoted research on the topic, from the investment bank Credit Suisse, shows - unsurprisingly - that when modifications involve lower monthly payments, borrowers have much more of a fighting chance. One report, looking at modifications made to a pool of sub-prime loans, found that 44% of loans with increased monthly payments were more than 60 days delinquent within eight months. After that same period, only 15% of loans that had received...
Bretton Woods is the mountain resort in New Hampshire where in 1944 the Allied nations met--with the U.S. calling almost all the shots--to plan a postwar financial system. The Bretton Woods creations included the International Monetary Fund (IMF), the World Bank and a quarter-century of fixed exchange rates built around a U.S. dollar that was linked to gold. The fixed exchange rates and gold standard unraveled in the 1970s, and ever since we've had a system in which the IMF occasionally steps in to help countries in currency crises (usually imposing harsh terms in the process...
...view of many outside the U.S. (and some within), the only way to limit such excesses is through a bigger, more powerful IMF that can act as a central bank to the world--and knock heads when needed. While everybody agrees that this new IMF needs to be less dominated by the U.S. and Western Europe, things get controversial as soon as you go past voting rights. Should capital flows be restricted? Should there be limits on trade deficits and surpluses? Should the IMF be able to order around even the U.S.? If the answer to any of these questions...
...trade at about $1.27 a share. Satyam's government-appointed board are discussing buyout options this week, but a sale cannot be completed until its accounts are restated, a process that could take several months. The company said this week it secured $133 million in working capital through bank loans and announced the appointment of a temporary CEO. In the end, the board may manage to save Satyam and its employees. But the fate of the officials who brought the company to its knees is still very much an unknown...