Word: bustingly
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...drug bust, four NYPD officers are ambushed and killed. The men were under the command of Capt. Francis Tierney (Emmerich), who comes from a family of Irish cops: his dad (Voight), brother Ray (Norton) and brother-in-law Jimmy Egan (Ferrell) are all on the force. So when Ray reluctantly takes the job of investigating the crime, his sleuthing leads to evidence of an inside job, and forces him into conflict with one or two bad apples in the Tierney brood. With its twisty plot that has Ray trekking through the lower depths of Harlem and Brooklyn, and the higher...
...better way to view the Frannie takeover is as an attempt to prevent the housing bust from getting dramatically worse and to stave off financial collapse. The companies' combined share of new mortgages rose as high as 80% earlier this year as other lenders retrenched. The percentage has dropped somewhat since, says FHFA Director James Lockhart, but if either Fannie or Freddie had to stop buying mortgages, rates would clearly skyrocket. If either firm actually defaulted on its debts or MBS guarantees, the consequences might be catastrophic. Why's that? Read...
...Stearns' shotgun marriage to JPMorgan Chase & Co. in March, although since they were made by the Federal Reserve--which can print its own money--it's not a direct cost to taxpayers. Then there are the $4.5 trillion in bank deposits insured by the FDIC. The first big bank bust of the current crisis, that of mortgage specialist IndyMac, cost an estimated $8.9 billion, leaving the FDIC with just $45 billion on hand to cover a likely rash of failures. But while the agency may hit up taxpayers for a loan, this would eventually be paid back with interest...
...height of the housing bubble, from 2004 to 2006, the market share for GSES shrank toward the single digits. So if you're looking for a culprit for the bubble and bust, Frannie really isn't the best candidate. In one recent paper, three California real estate scholars even argue that it was in fact the absence of Fannie and Freddie and their reasonably tight underwriting standards that caused the bubble...
...could well be a Gustav-like bust rather than a Katrina-like disaster (See photos of Hurricane Gustav here). But eventually, disaster will visit the peninsula, and it's still not clear who's going to pay the tab. "It's going to be a financial nightmare," says Cecil Pearce of the American Insurance Association. "Florida is the nation's basket case...