Word: defaulters
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...billion, though a recent report by regional investment bank EFG-Hermes estimates that the city may be in the hole for as much as $170 billion. After Sheik Khalifa al-Nahyan, the oil-rich ruler of neighboring Abu Dhabi, stepped in with $10 billion to stave off an embarrassing default, the skyscraper's owners changed the building's name to Burj Khalifa. For a city used to grand statements, it was a remarkable comedown. (See pictures of the world's tallest building...
...Moscow. The Russians don't need Tehran's oil and gas, but they have significant economic interests in Iran, and Vladimir Putin, much more than Hu Jintao & Co., had very much been in the business of sticking a thumb in the eye of the U.S. whenever he could (the default position of pretty much any ex-KGB officer worth his salt). (Read "How Iran Might Beat Future Sanctions: The China Card...
...been doing in a big way in the U.S. The only options for Greece are to 1) scrimp and save to convince creditors that it can keep paying them off, 2) convince its fellow euro-zone countries--or maybe the International Monetary Fund--to bail it out, 3) default on its debts or 4) pull out of the euro...
...From Personality to PersonaBig as reality TV is, it's also just a facet of a larger shift in popular culture: changing attitudes toward privacy and self-expression. If you grew up with reality TV and the Internet, your default setting is publicity, not privacy. Mark Zuckerberg, the founder of Facebook, recently argued that sharing has become the "social norm...
...over time. In its report, Amherst dissected one such loan, which was written in 2007 for $465,000 over 40 years. A minimum monthly payment that started at $1,260 soon rose to $1,354 and then to $2,806, more than twice the original amount. The borrower quickly defaulted. Going forward, the bigger problem is the reset that normally comes after five years. Even without negative amortization, many borrowers will see their monthly payments jump by 50% or more. According to an S&P study of loans originated in 2005, borrowers who have undergone a higher reset are nearly...