Word: localizes
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...reason it has proved so hard to help homeowners is that today's mortgages are no longer simply held by a local bank; they have been sold to Wall Street, where they were cut up and repackaged into thousands of bonds sold to investors. The current global credit crisis originates from the moment when subprime borrowers starting having trouble making their mortgage payments, which had been funneled into interest payments to bond holders...
...shaman inhaled the incense smoke and flicked flower petals into the tropical air. My husband and I were sitting on a patch of earth on the Indonesian island of Bali as the local priest, Ida Bagus Putu Wija, communed with the resident spirits about our vague plans to build a holiday home there. Eventually, the Balinese wise man gave us the news that would literally determine the shape of our future villa. In the parallel spirit world of this devoutly Hindu island, our peaceful stretch of riverbank was actually a bustling spirit town, far bigger than the nearby human village...
...even a food stall that served fried rice. No infinity-edge swimming pool would be going there, lest we flood the otherworldly denizens picking up a prescription or delivering a motorcycle for a tune-up. We also would need to leave a section of riverbank undeveloped because a local demigod traversed the land on his daily pilgrimage to a volcano up north. My husband and I eyed each other. We'd been prepared for the Bali property market to throw up a challenge or two. But a hopping spirit metropolis and a commuting demigod weren't exactly what...
...trickier. And, most importantly, in both Thailand and Indonesia, foreigners cannot own land. Expatriates have two choices. They can either lease land on a long-term basis, which means the value tends to depreciate as the years pass. Or they can set up legal structures in which a local person or company owns the land but usage rights are held by the foreigner. Although tens of thousands of expatriates have negotiated such deals, they can be at a disadvantage should a dispute occur with the local owner. And in Thailand, government officials over the past two years have hinted that...
...Down to Earth For me, my current concerns are less global and more spiritual. The former owner of our land, a rice farmer, feels guilty because he failed to erect an on-site shrine to a local goddess. He thinks we should build it to ease his soul and promote village harmony. After all, locals have heard the spirits on our land wailing when they use a nearby water source. Then, in an offhand remark, our shaman tells us about a Frenchman who had built a villa nearby. Wija was called in to bless the land and chat with...