Word: haven
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Dates: during 2000-2009
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...financial milestone was achieved on October 27, 2004 with the birth of Strata 2004-8. If you haven't made arrangements for the five-year anniversary this fall, don't worry. Few people will be celebrating...
...only received 451 applications and closed 25 loans. That's partly because of the program's high barriers - homeowners have to get their existing lenders to write down the value of what they're owed and then find a new lender to issue a fresh loan. Most major banks haven't signed up to participate. On Feb. 3, the House Financial Services committee held a hearing on how to revamp the program...
...reason servicers haven't more wholeheartedly adopted bolder tactics is lingering concern over getting sued by investors who are ultimately entitled to the loan payments through mortgage-related securities. Servicers are contractually bound to act in the interest of investors overall, but they might still not rewrite loans, even when that creates the most value in the aggregate, since modifications can impact certain investors more than others - and it only takes one to sue. That's why on Feb. 4. the House Financial Services committee met to talk about making a law to shield servicers from such lawsuits...
...haven't seen the end of it yet. A survey of some 400 personnel departments by the Society for Human Resource Management found that 21% of respondents figure they'll make further cuts before the end of March. Job losses at large companies are expected to be the worst, with 34% of companies with more than 500 employees planning layoffs. Of the firms paring workforce, 56% say they'll let go of managers and professionals, 43% plan to cut hourly service workers, 27% will lay off skilled laborers and 12% anticipate trimming senior executives. (See who's to blame...
...Council's potential to solve problems for Obama makes it all the more surprising that its members haven't been thoroughly vetted in the rush to publicly introduce them. Calls were still going out to invited council members as late as Tuesday night. Given that vetting snafus have already tripped up some of Obama's other appointments, most notably Tom Daschle, supporters are hoping that the President doesn't get burned by another religious leader who has made controversial statements à la Jeremiah Wright or Warren...