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That's actually when we might start to see a problem, according to Raj Date, executive director of the Cambridge Winter Center for Financial Institutions Policy. In congressional testimony on March 2, he made the case that as the demand for loans from creditworthy borrowers picks back up, there might not be enough lending to go around. Part of that has to do with many small banks' capital constraints - money they would lend is still tied up in those real estate loans. Just as important, though, other places business owners have looked to for funding in recent years, like home...
...headlong into massive infrastructural and development projects. Even as it was being distributed, Premier Wen Jiabao was telling NPC delegates that the authorities would slow both lending and new construction in 2010, and place additional curbs on speculative property investment. A mortgage discount for first-time property buyers - which made a fixed, 5% 20-year mortgage available for just above 4% - has already been eliminated, and lending standards for buyers looking at second and third properties as investments have been tightened appreciably...
...among home buyers in China, is there a significant amount of debt financing. According to Patrick Chovanec, a professor at Beijing's Tsinghua University who studies the Chinese real estate sector, only about 50% of residential purchases are made using mortgages. The other half are paid for in full at the time of acquisition. (In the U.S., by contrast, over 90% of residential housing transactions are financed with mortgages.) One of the reasons for this is that, just like Yang, many Chinese have been moved out of formerly state-owned housing units in urban areas as part of redevelopment projects...
Just a note on a small mistake made in the printing of the generous encouragement Gingrich offered our President and Congress. "Commentary" ran at the top. It should have been "Political Advertisement," should it not? Constance McCutcheon, MUNICH, GERMANY...
...reporting on how Bedouin feel about the government. In February, TIME published an article that chronicled the lives and politics of Bedouin who were at odds with the Egyptian government. TIME's sources ranged from wealthy arms smugglers to village farmers and the impoverished desert inhabitants of huts made of twigs. But the sentiments they expressed were the same: The Egyptian government had failed them. Not only that, but in some communities, anger at government neglect and mistreatment ran so high that Bedouin said they didn't consider themselves Egyptians; they considered the state an abusive and discriminatory agent...