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...American dream of homeownership used to have relatively simple requirements: a 20% down payment and a 30-year fixed-rate mortgage. Not anymore. For today's first-time home buyers, financing has become far more creative, complex and confusing. Faced with record-high real estate prices, new buyers are turning to so-called specialty mortgages designed to make homeownership possible even with a checkered credit history and little or no down payment. Specialty loans used to represent only about 3% of the mortgage market, but a survey by the Federal Reserve shows that they now account for more than...

Author: /time Magazine | Title: Money: Are You Overleveraged? | 2/26/2006 | See Source »

...Nadahama Garden Baden?which follows recent Ando work like the Modern Art Museum of Fort Worth, Texas and Tokyo shopping complex Omotesando Hills?is a 2,000 sq m facility in the architect's hometown of Kobe, its striking curves exemplifying Ando's beautifully original approach to form. Environmental and civic responsibility were key considerations in the construction. Under-floor pipes, filled with discarded scalding water from a local power plant, are used to heat treatment rooms and spa pools. Meanwhile, special plumbing allows pool and bath water to be drained and used by emergency services when necessary?an important...

Author: /time Magazine | Title: Smooth Waters | 2/26/2006 | See Source »

...iconic style magazine marks its quarter century Summits of Style Esoteric treatments in a minimalist setting A Starflyer Is Born In-flight comfort with an internet connection in every seat Take a Hike Destinations to restore your sense of wonder Museum of Fort Worth, Texas, and Tokyo shopping complex Omotesando Hills - is a 2,000-sq-m facility in the architect's hometown of Kobe, its striking curves exemplifying Ando's beautifully original approach to form. Environmental and civic responsibility were key considerations in the construction. Under-floor pipes, filled with discarded scalding water from a local power plant...

Author: /time Magazine | Title: Smooth Waters | 2/23/2006 | See Source »

...monetary policy, and [was] able [to] represent the Federal Reserve in important international fora.” In his letter, Ferguson highlighted some of the work the Federal Reserve focused on during his time there. “The environment in which the Fed made monetary policy was complex,” Ferguson wrote in his letter. “Perhaps less visible to the general public, the Fed also worked to enhance the transparency of monetary policy.” Ferguson was first named to the Federal Reserve in 1997 under former U.S. President Bill Clinton to fill...

Author: By Claire M. Guehenno, CRIMSON STAFF WRITER | Title: Alum and Harvard Board of Overseers Member Steps Down as Vice Chair of Federal Reserve Board | 2/23/2006 | See Source »

...really distinctive, sharp sound. I’d never seen djembe playing. I’d only seen Nigerian drumming. So I bought a djembe from him, and he gave me a few lessons. It’s an amazing instrument because it’s deceptively complex. You have three notes only, a bass note, a tone note, and a slap. But with those three notes, you have tremendous possibilities of what to do with the rhythm.” Ogunnaike’s past credentials include playing bass in a blues group, strumming guitar...

Author: By Rachel E. Whitaker, CONTRIBUTING WRITER | Title: Oludamini D. Ogunnaike ’07 | 2/23/2006 | See Source »

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