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...thing is, subprime isn't the entire story. In fact, looking forward, it's not even the biggest problem. While the raw percentage of subprime loans in delinquency and foreclosure still far outstrips any other sort of mortgage, the types of loans that are now going downhill the fastest are ones that were generally sold to more credit-worthy borrowers. (See the top 10 buzzwords...
Among prime borrowers, those with jumbo mortgages - ones that have traditionally been for more than $417,000 - are seeing delinquencies accelerate the fastest. In January, 3.32% of such borrowers were behind on their payments, up from 1.75% in August. (That doesn't include the 1.1% of borrowers already in foreclosure.) Since Fannie Mae and Freddie Mac don't buy these large loans, it's been tougher for homeowners to refinance their way out of trouble - and the new housing-rescue package, which specifically excludes jumbo loans, won't do anything to change that dynamic...
...Finance Minister provided YouTube-quality evidence of what most Japanese already suspect: its current leaders are looking increasingly unprepared to deal with what may be the country's greatest challenge since the end of World War II. Japan's economy, the world's second largest, is contracting at the fastest rate among all developed nations. GDP growth in the last quarter shrank at an alarming annualized rate of 12.7%, Japan's worst showing since the 1974 oil shock. But instead of taking vigorous steps to counteract a worsening recession, Prime Minister Taro Aso is lurching from one embarrassing gaffe...
...effort to support herself after she had left home in 1999, and that Reed had continued to put herself in social situations despite the defense that she suffered from a “social anxiety disorder.” Wilkins added that identity theft is one of the fastest growing crimes in the nation. Director of Undergraduate Admissions Marlyn E. McGrath ’70 said that while the admissions process can be defrauded, the careful scrutiny given to each applicant typically catches inconsistencies. McGrath acknowledged new technology can more efficiently flag such cases, but stressed a desire to rely...
...Captain Derek Jones had a fantastic meet, comfortably winning the 400-meter dash with a time of 49.12, thus qualifying for the IC4A D1 Championships. Jones was also pivotal in the 4x400-meter relay, where Harvard had its fastest time of the season, 3:18.77, but came in third overall. The Crimson also placed third in the 4x800-meter relay, clocking...