Word: bigger
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...panic, finger-pointing and schadenfreude that has ensued, though, it's easy to forget that the gulf is more than just Dubai. Neighborhood rivals - some of them much wealthier than Dubai thanks to much bigger oil and gas deposits - have emerged from the financial crisis in better shape than their badly bruised neighbor. The gulf region is poised not only to recover from the global slump this year, but could become the second most important center of world economic growth after the economies of east and south Asia, according to John Sfakianakis, chief economist for Banque Saudi Fransi in Riyadh...
...door to a flood of legal cases and more financial turbulence, but will also reassure investors that Dubai is learning from its mistakes. To keep attracting foreign residents with the skills to run a modern economy - and to better educate its own citizens so they can play a bigger role in that economy - the gulf's cities will also have to open up more. Dubai could well lead the way. "Dubai has been proving naysayers wrong for so long that I'm wary of being pessimistic," says Jim Krane, author of City of Gold: Dubai and the Dream of Capitalism...
...Crazy Heart has passed $20 million at the domestic box office, and is the only indie film to get any monetary traction from its awards exposure. Sorry, The Last Station, An Education and A Single Man. As for Nine, the big-budget musical with bigger Oscar hopes, it did cadge a few nominations but has earned less than Crazy Heart, despite costing eight times as much to make. This weekend's take was a sad $19,000. The movie may as well have shuttered...
...exactly that. Borrowers, mostly middle- and upper-class with good credit scores, were allowed to make payments that didn't even cover the interest owed (let alone the principal), with the understanding that payments would spike later on to make up for the shortfall. That allowed people to buy bigger, more expensive houses than they would have been able to qualify for otherwise. Plenty of families banked on rising incomes and an ability to sell their house as ways to deal with such loans in the long term - plans that the housing crash and recession in many cases foiled...
...report, Amherst dissected one such loan, which was written in 2007 for $465,000 over 40 years. A minimum monthly payment that started at $1,260 soon rose to $1,354 and then to $2,806, more than twice the original amount. The borrower quickly defaulted. Going forward, the bigger problem is the reset that normally comes after five years. Even without negative amortization, many borrowers will see their monthly payments jump by 50% or more. According to an S&P study of loans originated in 2005, borrowers who have undergone a higher reset are nearly three times as likely...