Word: hold
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Dates: during 2000-2009
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According to TIME calculations, U.S. banks hold $153 billion in residential mortgage bonds that used to have AAA ratings but have since been downgraded. The calculations are based on numbers from the International Monetary Fund, Fitch Ratings and New York University professor Nouriel Roubini. (Treasury and Federal Reserve officials declined to provide their estimates.) To get those selling, the Fed offers some attractive financing, but it hasn't made those details public and the financing is expected to be considerably less favorable than the FDIC rates. Treasury officials insist they have formulas worked out but are waiting to reveal details...
...Asset backed securities ("ABS") gave banks the opportunity to bundle loans into a pool that could then be sold to other banks. The bank purchasing the loans would then hold them as an investment or resell them in the secondary market. This market improved the ability of banks to lend by transferring the risk of the loan default to a third party while providing financing to the bank to make new loans. In time, the public grew accustomed to the increased availability of credit. (See pictures of the printing of money...
...dilemma the best public servants face. The better they do their job, the longer they have to do it. After 13 years running Africa's biggest economy, Manuel actually would quite like to do something else. "You bet I would!" he tells TIME. But any plans are on hold for now. In the middle of the global slump, he knows he's needed more than ever. "There is a silly part of me that sees this appointment as a service to the people," he says. (See pictures of the global financial crisis...
...failed state" along with the likes of Pakistan. Nevertheless, says Bailey, "the general feeling is that the Vandals are at the gate, and we've got to repress them. It's reached a level of moral panic, and it's an issue where the Republicans feel they can hold the Democrats' feet to the fire...
...rise in sales does not represent a bottom at all. It is more likely that any movement of buyers into the market will cause desperate sellers to offer homes at lower and lower prices rather than hold onto houses that they cannot afford and may not make money on even if they could hold them for another decade...