Word: creditably
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...Japan say the U.S. faces a similar situation today. The Fed's recent rate cut "is better than doing nothing, but it will unlikely work so much as it did in the past," says Masaaki Kanno, chief economist at JPMorgan Securities in Tokyo. Hiromichi Shirakawa, chief economist at Credit Suisse in Tokyo, believes that the Fed may bring its rates down to zero by the middle of 2009, as the U.S. economy slows in coming quarters. "Will it be effective or stimulative? My answer is not necessarily so," he says...
...forced by Washington. That's because as U.S. rates fall, fewer investors are willing to hold U.S. dollar debt, which undermines the value of American currency vs. the yen - and a stronger yen is bad news for Japan. It makes the country's exports more expensive, curtailing economic growth. Credit Suisse's Shirakawa believes the chances of the BOJ returning to a zero rate is less than 50%, "because they know that a return to a zero-rate policy doesn't help the economy much." But, he says, "they know that the risk is that the yen appreciation will...
...economy caused by cascading foreclosures. By creating a safety net for the housing market, officials also are aiming to reduce the uncertainty surrounding the soundness of the country's mortgage debt. A rapid and nearly unprecedented rise in bad home loans that began in 2007 triggered the credit crisis and has caused the failure of hundreds of banks and other lenders...
Beyond short sales, buyers are also walking away because banks are requiring higher down payments and credit scores. Mortgage rates, too, which have recently been rising, are keeping buyers out of the market. "I had one buyer recently walk away because they had 10% to put down, but the lender wanted a 20% down payment," says Barry Miller of Denver-based Buyer's Only Realty. "She said she would save more and come back in a year...
...fear, FM is here with some actual (read: made-up) cases from real (read: make-believe) interviews to help you prepare to wow that hot interviewer from Bain. Case 1 You are advising a major American insurance company headquartered in New York City. This company’s credit rating was recently downgraded because its London unit sold credit default swaps on collaterized debt obligations that lost much of their value when sub-prime mortgages went south. In order to prevent the company’s collapse, the Federal Reserve crated an $85 billion credit line in exchange...