Word: leveller
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...mortgage and the homeowner again defaults. Another approach is to directly help pay for the cost of the modification. The servicer might cut monthly payments to 38% of a borrower's income with the government chipping in to reduce the payment down to 31%, a presumably more sustainable level. Either tactic could be combined with a direct payment - $1,000 is a figure often mentioned - to incentivize servicers to do the heavy lifting of figuring out how much a homeowner can truly afford and recrafting his mortgage to match...
...costly process, a lender might easily only recoup half of what it's owed. In August, the Federal Deposit Insurance Corporation instituted an aggressive loan-modification effort at the failed IndyMac Bank, and that program is now a template for what the government might encourage at a national level. Basically, the FDIC wants to set up a series of incentives, like $1,000 for each modification, as well as loss sharing, should rewritten loans run into trouble...
...economy lost 598,000 jobs in January, more than most economists expected and the biggest percentage decline since May 1980. That brought the unemployment rate to 7.6%, a level it last reached in the summer of 1992, according to data released by the Department of Labor on Feb. 6. Just one year ago, the unemployment rate...
...division of IM teams into levels based on athletic ability makes them seem even more like regular organized sports teams. In an activity that is supposed to bring together people from different backgrounds sharing the same residence, classifying players as rank A, B, or C is a regression to the athletic culture that reigned in high school. And, because people don’t want to embarrass themselves, they commit to a lower skill-level team, creating more anxiety and self-consciousness than fun and spontaneity...
Privacy in our society is clearly diminishing: We carry devices everywhere we go so that people can reach us, the credit cards we use let any corporation view our purchases, and the Internet has allowed an unprecedented level of information to be publicly available. While this trend can be troubling, simple-minded reactions are not warranted. Unfortunately, this is exactly what happened in the Cambridge City Council on Wednesday when, following protests from many fearful and disgruntled citizens, the body voted to keep surveillance cameras already installed in the city turned off, citing their possible contribution to the erosion...