Word: debts
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...strike economy, it's not just the subprime suckers going down. Trouble stretches beyond the province of liar loans, condo-flipping and the collateralized debt obligations that no one fully understands. A hard rain now falls on the just as well as the unjust. Consumers have stopped spending, factories have stopped operating, employers have stopped hiring - and home values continue to fall. For millions of people, the margin between getting by and getting buried is becoming as thin and as bloody as a razor blade...
...peak of the real estate bubble. At that time, in 2005, her 3,000-sq.-ft. house was appraised at $185,000; she now owes about $159,000 on it. Real estate agents have advised her that she could not sell it for more than $145,000. Her debt is actually two loans, the larger of which was recently modified from an adjustable rate to a fixed-rate note at 9% interest. The second loan charges over 10%, and the two payments combined are slightly more than $1,400 per month. (Read: "How Stressed Is Your Bank...
...nursing school. "I just have to get her through that," Stevens explained. So after several sleepless nights, she decided to go see Wagoner and file for bankruptcy, which stalled the foreclosure process. Now Stevens is hoping that Obama's new program will persuade the mortgage company to reduce her debt to the current value of the house...
...single strike makes you a loser. And that brutality explains another strain of anger beginning to bubble up from the newly bankrupted. People like Paula Stevens and Joseph Zachery weren't flipping houses or lying on their loan applications. They didn't pile up mountains of credit-card debt. They worked hard for what they had and shared their modest portions with others. Each readily admits to making occasional mistakes with money, but even Warren Buffett has made occasional mistakes with money. Their bitterness stems from a feeling that they've held up their end of the social contract...
...begun to occur to the financial industry and the central banks of the G7 and a number of smaller Western European countries that if some of the nations in Eastern Europe default on their debt, the world may look as it did three decades ago when several Latin American nations struggled to make payments on their sovereign obligations. (See pictures of printing money in Germany...