Word: defaulted
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...January housing should operate on an “opt-out” framework. All students should have the default option of staying in their dorm rooms from the day after the end of winter recess to the day that marks the start of spring term. Many Harvard students will want (and ought to have the option) to spend their January working on extracurricular activities on campus or at jobs and internships in the Cambridge and Boston areas—two options that would be much less feasible without guaranteed campus housing. Renting an apartment is costly and more difficult...
Imagine taking out a life-insurance policy, not on yourself, but on a sick man who lives down the street. That way, if he dies, you’ll be sure to turn a profit. This is but one of many bizarre features in the world of credit default swaps—a financial instrument that crippled our global economy. While many different events and policies contributed to the financial crisis, it is safe to point a finger at credit default swaps. The U.S. government should decisively regulate these complex financial instruments...
...When a group of J.P. Morgan bankers conceived credit default swaps 19 years ago at the Boca Raton Resort & Club in Florida, they could not have imagined what a monster they had unleashed. In 2007, the credit default swaps market value was $62 trillion, more than quadruple the entire U.S. gross domestic product...
...great banking crisis of 2008 is over. It began last September 15 when Lehman Brothers filed for bankruptcy and bottomed when Citigroup (C) traded below $1 last month. Most analysts believe that mortgage-backed securities which included packages of subprime home loans failed when mortgage default rates went up and housing prices raced down. That is only partially true. Banks made a tremendous series of ill-advised loans to private equity firms, hedge funds, commercial real estate holders, and the average man with a credit card balance which he cannot pay. (See pictures of the top 10 scared traders...
...Apparently the tactics work. The Cobrador del Frac now has 400 employees across Spain. Its commercial director, Juan Carlos Granda, says it has a 63% success rate. And with the percentage of people who default on loans skyrocketing in Spain - it reached 3.8% in January, compared with 0.95% the year before - the number of creditors who look to its services is growing. "Thanks to the [financial] crisis, we've seen about a 20% increase in business in the past year," Granda says...