Word: jumbos
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Dates: during 2000-2009
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...tend to think of airplane crashes as fatal events. So when survivors emerge from the carcass of a crumpled jumbo jet, as they did outside Amsterdam's Schiphol Airport on Wednesday or on the Hudson River in mid-January, the spectacle is often described as miraculous. But survival in an airplane crash is no miracle. It is the result of more-prosaic interventions, from sturdier seats to more carefully placed emergency lights...
...Frank Gehry's Museum of Biodiversity, which is still under construction but rising rapidly) before heading to the recently opened Pony Club (www.limoncillo.com) for dinner. Panamanian chef Clara Icaza has worked at Manhattan hot spot Aquavit, and her nuevo-Panamanian menu includes signature dishes such as Turkolimano (grilled jumbo prawns, tomato and feta with lemon-ouzo vinaigrette) and squid risotto in a broth of octopus and roasted red pepper, all served in a pale-wood dining room and accompanied by an ambitious wine list. After dinner, it's just a short drive back to the Casco Viejo and its many...
Among prime borrowers, those with jumbo mortgages - ones that have traditionally been for more than $417,000 - are seeing delinquencies accelerate the fastest. In January, 3.32% of such borrowers were behind on their payments, up from 1.75% in August. (That doesn't include the 1.1% of borrowers already in foreclosure.) Since Fannie Mae and Freddie Mac don't buy these large loans, it's been tougher for homeowners to refinance their way out of trouble - and the new housing-rescue package, which specifically excludes jumbo loans, won't do anything to change that dynamic...
...propping up the second group, Treasury won't subsidize loan modifications that reduce the interest rate below 2%. If you can't afford a 2% mortgage, in the eyes of the government, you can't afford your house. The plan also doesn't apply to investors or people with jumbo mortgages - those, historically, larger than $417,000. Loans for homes that would be more valuable to lenders if repossessed won't get modified...
...same limitations apply to this part of the plan. Only interest payments will be lower, not principal balances. Homeowners who owe more than 105% of the value of their house - as is often the case in the worst-hit areas of the country - will be ineligible. And holders of jumbo loans need not apply. Again, that might reflect a sense of fairness - why should we help people who stretched beyond their means to buy McMansions? - but it ignores the facts that the delinquency rate among jumbo loans is spiking and that a foreclosed property hurts the value of surrounding ones...