Word: grosse
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Dates: during 2000-2009
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Under the new plan, servicers, the companies that collect mortgage checks, will be paid $1,000 every time they cut the interest rate on a loan to reduce the monthly payment to no more than 38% of a borrower's gross income. The government will split the cost of reducing the debt-to-income ratio further than that, down to 31%. Both servicers and borrowers will be paid up to $1,000 a year (for three and five years, respectively) for keeping the loan current...
Under the new plan, the government will increase spending on infrastructure to try to boost the nation’s shrinking gross domestic product. In addition, the package provides tax rebates to consumers in an attempt to bolster spending...
...Wall Street Journal and a later interview with The Atlantic Magazine, economics professor Robert J. Barro attacked the package’s underlying principle that government spending is especially effective in boosting gross domestic product—arguing that tax cuts incentivize people to save, rather than consume or work, and that funneling money into building infrastructure may lead to the construction of “bridges to nowhere...
...missed payments over the life of the loan might see doing so as a compromise--but that doesn't mean the mortgage becomes more affordable. That's why the FDIC insists that modifications reduce payments at least 10% and take up no more than 38% of a borrower's gross income...
Harry Holzer, an economist at Georgetown University and the Urban Institute, also sees troubling news in the fact that the fourth quarter's measure of gross domestic product (GDP), or the value of all the goods and services the economy churns out, wasn't nearly as bad as economists had thought it would be: down an annualized 3.8%, compared with a predicted drop of 5.4%, according to a Reuters poll. Companies are still producing, Holzer explains, but since no one is buying, inventories are piling up. With a backlog of goods, firms will need fewer workers to keep making more...