Word: creditation
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...course, as institutions emerging from the worst of the credit crisis, the banks have little more than that in common. Famous for flogging mortgages worth 125% of a property's value, Newcastle-based Northern Rock was caught with its pants down when the wholesale markets it relied on to fund those loans froze in 2007. With unemployment rising and house prices still on the wane, the bank's impairment charges for soured loans tripled, to $1 billion in the first half of this year vs. the same period in 2008. Just as worrying: a shade under 4% of its home...
...Deutsche Bank report adds another wrinkle. So far, the highest rates of underwater borrowers have been found among those people with subprime, Alt-A and option-ARM loans. These loans, often sold to people with low credit scores or those stretching to afford a house, were largely peddled at the height of the boom and therefore often correspond to home prices that had nowhere to go but down. However, according to Deutsche Bank's projections, a second wave of upside borrowers is about to hit, and this time prime borrowers will account for the bulk...
...requirements on fuel economy were too lax. Under the program, newly purchased passenger cars must have a minimum fuel-economy rating of 22 miles per gallon - hardly superefficient - and they need to be only 4 m.p.g. more efficient than the clunker being traded in to trigger the $3,500 credit. (The $4,500 credit requires an improvement in fuel economy of at least 10 m.p.g.) And there's the undeniable fact that destroying an existing car - even a clunker - and manufacturing a new one requires energy and carbon emissions that would be saved if you just held onto your...
...hard to beat free access to a washer and dryer and fully equipped kitchen, but swaps entail more planning than simply whipping out a credit card for a vacation package. Exchange seekers often contact dozens of people before they find someone willing and appropriate. For starters, location really matters. Kathleen Dwyer, a retired assistant principal who has been exchanging for six years, says she fielded lots of offers to swap when she posted her apartment in Manhattan. Now that she exchanges only her vacation home--an old sea captain's house in a fishing village in Nova Scotia--swapping inquiries...
...going to tighten money supply. That night, the central bank reaffirmed its loose monetary policy that is meant to support economic growth and pledged to refrain from imposing loan quotas to control bank lending. The next day, the Chinese banks that were said to be cutting back on credit denied they would do so. On July 31, the Shanghai index rebounded 2.7%, the biggest rise in two months; China stocks in July rose 15%, the largest monthly gain since 2007. (See pictures of China's infrastructure boom...