Word: homely
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Dates: during 2000-2009
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...emergency funds to the FHA - which is a full-fledged part of the Federal Government, unlike quasi-government bailout beneficiaries Fannie Mae and Freddie Mac - it will be in large part because of the role the agency has played in stabilizing the housing market. Last spring, as first-time home buyers rushed to take advantage of the $8,000 tax credit designed to lure them into the market, the FHA insured a full 49% of their mortgages. In October, Congress renewed a higher limit on the size of FHA loans (now up to $729,750), first put in place last...
...calls - whether from a lack of resources (it has long begged Congress to fund computer upgrades) or a lack of judgment - will haunt the agency for years. Loans it backed in 2006 and 2007 are souring at a particularly high rate because of seller-financed down payments; when a home buyer isn't the one ponying up equity, there is more than twice as much chance that the loan will go bad. That practice is now gone, but the FHA is still expecting more than 20% of the loans it insured during those two years to eventually default...
...wouldn't otherwise be able to afford it. The agency's low down-payment requirement - itself the subject of some controversy - is designed to help deserving if underqualified people get a foothold in property ownership. The FHA was never meant to be the primary way America finances its home-buying. As it did in other times of real estate stress, the FHA steps in when needed. But now it might be time to start talking about an exit strategy - even if that means fewer people wind up buying homes...
...have come for prayers. The sequins of her vivid, canary yellow West Senegalese dress catch the bright fall sun. Her son, an American citizen, is an Army sergeant serving in Iraq. After being widowed in 1999, she left Senegal to live with him and his family. Her son called home immediately after he heard of the attack in Fort Hood, but she reassured him she was fine. Thiam says she has felt no impact and heard no criticism from her neighbors and says she is still proud to dress in her long robes and head scarf. "I fear...
...life once the money disappeared. "People are looking into how we can survive in the future," says Hilmarsson. "Design and fashion have now become a high focus, not only within the sector, but also politically." Indeed, in May of this year, the promotion of design both at home and abroad was incorporated into the agenda of Iceland's new Social Democratic Alliance and the Left-Green Movement coalition government. (See women in fashion...