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...vast majority of troubled home loans have been securitized and are owned by a wide array of investors. Their permission is usually required for modification, and getting it can be a daunting task, which is why many experts have called on Washington to step in with some kind of mandated legal solution...
...foreclosure of a sizable chunk of an entire subdivision, one solution for Coconut Cay lenders might be to lower loan principals down to the houses' current, and more reasonable, market values (especially since the houses in many cases are worth less now than the mortgages anyway). That's the kind of foreclosure-prevention relief that cities like Miami Gardens thought last summer's federal legislation was going to facilitate but didn't. Which leaves communities to depend on little more than good corporate citizenship from many of the same companies that helped create the housing mess in the first place...
...Union: "An Upper Volta with nukes." OK, today it is not just rockets. The Kremlin's power also flows (more effectively, in fact) from those pipelines that have hooked Europe on Russian oil and gas. But for all of its fabulous riches in the ground, Russia remains a kind of Third World country, an extraction economy whose welfare and clout fluctuate with the price of oil. Today, oil fetches less than one-half of what it did when Russia, flush with cash and cockiness, invaded Georgia. Its stock market has crashed more heavily than any other - by more than...
...recent years the Justice Department has rarely drawn kind words from Senate Judiciary Committee chairman Patrick Leahy, who has aggressively sought key Bush Administration memos related to anti-terrorism policies. But the Vermont Democrat and strident White House critic offered measured praise this week when the Justice Department agreed to hand over a series of documents Leahy hopes will shed light on some of the more shadowy policies crafted by the Bush Administration. "This is a good start," Leahy said, adding that he was certain many more closely guarded Justice Department documents would be coming his way when...
...guys live and where their ships and boats operate from - it'd be a simple mission to take them out," says Anthony Zinni, a retired Marine general who ran U.S. Central Command and remains a frequent visitor to the region. "There was talk of the U.S. military doing some kind of mission - the Navy would love to do it - but there's no stomach for it right now." (See pictures of modern-day pirates...