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...easy to do this in the U.S." Even though there are serious consequences to reneging on a home loan - including wrecked credit, not being able to buy another house for years to come, the cost of moving and the social stigma associated with being a person who does not honor one's commitments - lenders tend not to pursue former homeowners for the money they are owed because of the prohibitive cost of tracking down such people and suing them...

Author: /time Magazine | Title: Mortgage Defaults: Many Are Intentional, Study Finds | 7/7/2009 | See Source »

...they have each July for centuries, the narrow, cobblestone streets of Pamplona, Spain, are thundering with the sound of charging bulls. The weeklong annual celebration originated as a religious festival to honor St. Fermin, the patron saint of this small city in Spain's northern Basque region. Today the festival attracts hundreds of thousands of visitors from around the world, many of whom are drawn to its world-famous encierro, or running of the bulls, which begins July 7 and was made famous outside Spain by Ernest Hemingway's 1926 classic The Sun Also Rises...

Author: /time Magazine | Title: A Brief History of the Running of the Bulls | 7/7/2009 | See Source »

...spells out in dialogue what the images have eloquently shown. But short of being there, you'll never get closer to the on-the-ground immediacy of the Iraq occupation, its sick tension, its toxic tang. This is one of the great war films, and our own Medal of Honor winner...

Author: /time Magazine | Title: The Hurt Locker: Iraq, With Thrills | 7/6/2009 | See Source »

...hailed as an athletic superstar in Peru. It seems that majority of Peru's sports stars are female. For example, she is now the 76th name to be added to the "cornice of fame" at the National Stadium in the Peruvian capital Lima - the 39th woman to receive the honor. She has thus widened even more the advantage for women athletes in a country where men take sports very seriously but women win medals and championships. "It is a strange phenomenon. There are few countries in the world where the most respected athletes, the role models, all happen...

Author: /time Magazine | Title: In Peru Sports, Men Bumble, And Women Shine | 7/3/2009 | See Source »

...south of Los Angeles is a polyglot of Cambodians, Latinos, African Americans and Anglos. Incomes in this inner city neighborhood are low, violence sometimes high, but Long Beach boasts one of the best urban school districts in the nation and Sokhoeun is one of the stars. A 4.35 GPA honor student, Sokhoeun has been admitted to UC Irvine and has received a financial aid award of $13,000, which includes a Cal Grant of $3,500. The daughter of parents who fled the Khmer Rouge, she views education as "the social ladder to success and respect" and is determined...

Author: /time Magazine | Title: California's Budget Crisis: Is There a Way Out? | 7/2/2009 | See Source »

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