Word: booming
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...though that domestic market looks wobbly - growth in Spain is set to tumble this year, with the country's red-hot real estate market, buoyed by a decade-long boom, now chilling - analysts expect Santander to emerge in decent health. Though defaults as a portion of its total loans hit 1.3% in the first half of the year, versus 0.8% over the same period last year, mortgage-lending policies in Spain are typically more conservative than in the U.K., for instance...
...early 1990s, as the U.S. got its fiscal house in order, the capital inflows from overseas shrank. Late in the decade, they returned, with a twist: foreign investors and companies were buying into corporate America to get in on an economic boom. That boom ended in 2001. But the Bush Administration soon began running deficits, and foreigners discovered an American financial product to which they'd never paid much heed before: mortgage securities...
...many feared that Lula and his leftist Workers' Party would trash Brazil's emerging economy by pursuing socialist policies. Instead, Lula shrewdly embraced fiscal sobriety, strengthening Brazil's currency, the real, and reforming a bloated civil service pension system. Those policies and a windfall in commodities fueled a boom--the economy will grow 5% or more again this year, and inflation is historically low. Even his rivals acknowledge that despite his firebrand image, Lula has been a deft political operator. "The danger with Lula is that he can be rather messianic," says Rubens Ricúpero, a Finance Minister in the 1990s...
...Within several years, Sweden succeeded in getting its economy back on course. Growth has been as robust as in any country in western Europe in recent years and its banks have helped finance the economic boom in the Baltics and points east. Whether its approach could work in the far larger and more complicated U.S. market isn't clear. Certainly the captains of Wall Street would bray over the mere hint of nationalization. But with hundreds of billions of dollars at stake, it might be worth, at the very least, a hard look...
...hardly protected from the downturn - the Paris CAC 40 stock index dropped 2.3% Monday after the French government nearly halved its 2009 growth estimates to 1% - at least one factor might limit the damage to a degree. In the course of the last 15 years, which saw a boom in France's real estate values, no lender would grant credit to an applicant with more than a 33% debt-to-income level. French banks have also always favored fixed-rate mortgages over more enticing but perilous variable-rate loans. The French real estate market is slowing, but the more prudent...