Word: californiaisms
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...prevent companies from getting too far underwater on their obligations to retirees. Public pensions have also been hit hard. State and local governments' pension funds support some 27 million Americans, and many have lost a fifth of their value this year. Virginia's retirement fund and California's Calpers have each fallen 20% in just the past four months. The pain is both broad and deep...
...financial institutions have stopped accepting short sales to find out if the government is going to buy their loans that are in default. They're waiting to see what happens with the recent rescue plan to buy back mortgages," says Fred Arnold, president of the California Association of Mortgage Brokers. In Miami, banks can't wait to throw underwater mortgages into the government's pool. Says Zalewski, "I can see the Federal Government giving them a mulligan and allowing them to sort of do a do-over...
...Those principles are similar to the ones the FDIC worked out for the 60,000-odd bad home loans it took on when it closed IndyMac, a failed California bank, last summer. Bair outlined her proposal in testimony on Oct. 23 before the Senate Banking Committee. "The government could establish standards for loan modifications and provide guarantees for loans meeting those standards," she said. "By doing so, unaffordable loans could be converted into loans that are sustainable over the long term." At the same hearing, Neel Kashkari, the acting assistant Treasury Secretary in charge of the $700 billion bailout package...
...pride and bring purpose to our space program [Oct. 27]. If such visionaries as President John F. Kennedy, rocket designer Wernher von Braun and astronomer Carl Sagan were alive today, we probably would be walking on Mars by now. Let's keep the dream alive. Rick Schreiner, San Marino, California...
...Benjamin Bishin, a political-science professor at the University of California at Riverside who has studied early voting in Florida, says this year's turnout seems to bear out research on two fronts. One is that early voting "disproportionately rewards campaigns that are better organized" because it often requires more refined voter-mobilization efforts than regular voting does; the other is that it "lowers barriers to participation," especially for hourly workers, who can least afford to take time off from work on election Tuesday. "And the fact that these voters are waiting two or three hours in line, which would...