Word: loan
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...those homes won't wind up being repossessed, right? In a normal market, probably a majority of homeowners that wind up being delinquent or even in the early stages of default find a way to cure their loan. Right now the numbers aren't quite as promising. Probably over 50% of the homes that enter foreclosure will wind up going back to the banks. But it is still a fairly large number that either through loan modifications or short sales or refinancing do manage to avoid foreclosure...
...think servicers are still being slow to modify loans? Foreclosure activity is six times what it was four years ago. Those are numbers that the system really isn't set up to handle. And there are more complications. For example, one of the delays in processing foreclosures right now is that the servicers are trying to make sure that every loan in their portfolio either qualifies or doesn't qualify for HAMP [Home Affordable Modification Program, the Federal Government's attempt to incentivize more modifications]. Even if you've already screened a loan to see if it might qualify...
Next waves? Right now we're dealing with a growing number of foreclosures that are being caused by unemployment. If you don't have a steady stream of income, you don't qualify for those loan-modification programs. People with those problems will inevitably wind up going into foreclosure. Secondly, we're going to see a whole slew of option-ARM loans reset next year. In many cases, these properties are going to be upside on the loan amount. In other words, the homes will be worth less than what's owed on the loans. The only way these loans...
...rise of Chris Daggett, an independent candidate who has drawn votes away from Christie, giving Corzine a chance to win with far less than 50% of the vote, 2) the focus on Christie's personal baggage, such as the shady circumstances involving his office spending, an unreported loan to a top aide and a 2005 traffic violation, 3) Corzine's spending millions of dollars from his own fortune and 4) the Democratic Party's all-out effort to save the seat...
Most of the time, the troops just busy themselves with field exercises in the local farms and orchards. But every so often, things heat up. This summer, China pressured the board of the Asian Development Bank to block a $2.9 billion loan to India, arguing that part of the money would go to a flood-control project in Arunachal Pradesh. The governor of the state, a retired army general named J.J. Singh, then announced that India would deploy 50,000 more troops up there, though he tells TIME the additional troops were planned well before any hint of tension...