Word: defaultations
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...after March's $16.6 billion decline. Numbers from April show that people are now saving 5.7% of their disposable income, the highest rate in 14 years. Second, people are shirking their obligations. According to the Mortgage Bankers Association, one in eight U.S. mortgages is now in either delinquency or default. Banks are figuring that nearly 10% of the money they're owed from credit cards is money they'll never see. "People were consuming more than their income, and that gave a big boost to the U.S. economy," says Kevin Lansing, a senior economist at the Federal Reserve Bank...
...Robson, president of the National Association of Home Builders, volunteered that the stimulus plan has done little to stop the flood of homebuilders who have been forced out of business or had to default on loans. Those loans to builders are a big concern for local banks, and Robson worried that foreclosures on residential real estate developments would continue if no help arrives. What's more, no one is predicting that the economic stimulus will put the job market in the positive category anytime soon. The White House predicts the stimulus bill will create about 200,000 jobs a month...
...still out as to its success, and, frankly, the forecast remains bleak. Despite that, the number of doomsayers has remained surprisingly limited. It’s true that nobody really knows what’s going on anymore: mysterious back-door finagling involving securitized mortgages and credit default swaps somehow resulted in frail old grandmothers thrown out of their Orlando condos; money managers walking into their own clever booby traps ended up in the red and out of work. The stimulus package, our best option, seemed more of a quick-fix to placate the masses—like those...
...9/11 - which mandates that members adhere to democratic norms like multiparty elections and free speech. OAS officials say privately that even human-rights groups that deplore the embargo have warned the organization not to betray the 2001 charter. "This time, the U.S. position is actually much closer to the default position of the OAS," says Daniel Erikson, a senior associate at the Inter-American Dialogue in Washington and the author of The Cuba Wars, "while it's countries like Nicaragua and Honduras that look like they're trying to paint outside the lines." (Read TIME's brief history...
...little over $1 trillion in commercial real estate loans will be up for refinancing in the next four years. Because of falling real estate prices and lower rental incomes, he said, as many as two-thirds of those loans may not be eligible for refinancing and could end in default...