Word: defaultations
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After months of recounts, investigations and recriminations, Afghanistan's presidential election is over. Former Foreign Minister Abdullah Abdullah withdrew from a runoff scheduled for Nov. 7, prompting the Independent Election Commission to declare incumbent Hamid Karzai the winner by default. But it's by no means an unalloyed victory for Karzai. Allegations of fraud in the Aug. 20 vote, coupled with long-standing concerns over corruption in his administration, have undermined his credibility. Abdullah, Karzai's closest challenger, said the election process was so flawed that it wasn't worth participating in. He later said he had no intention...
...those homes won't wind up being repossessed, right? In a normal market, probably a majority of homeowners that wind up being delinquent or even in the early stages of default find a way to cure their loan. Right now the numbers aren't quite as promising. Probably over 50% of the homes that enter foreclosure will wind up going back to the banks. But it is still a fairly large number that either through loan modifications or short sales or refinancing do manage to avoid foreclosure...
...meantime, FlyBy is sifting through a wallet full of void purple "Boomerang Gift Certificates," good for $1 off on any next visit to Herrell's, saddened by Herrell's obvious debt default...
...divisions at AIG that brought down the firm - financial products and stock-lending - didn't understand what they were doing. Financial products wrote credit-default swaps - sorry I'm not pausing to explain them, but most eyes would glaze over if I did - that they thought were riskless but turned out to be ultra-risky...
...Even if the current recession ended in the second quarter, it could take anywhere from 14 to 29 months for real estate to bounce back, says Bach. Unemployment, which is expected to hit 10.5% in 2010, exacerbates the situation, he says. All of this will likely lead to higher default rates on commercial property loans and distressed property sales...