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...thoughts of today's troubled housing market conjure up images of lonely tumbleweeds blowing across streets of empty condos and "For Sale" signs, a couple of financial wizards have come up with a program they believe could breathe new life and buyer confidence into the decimated sector. It's called Sirius Value Protection - and works like a 'put option,' where buyers of new homes get the right to exercise a put that would require Sirius buy back the home at the original price after an eight-year period...

Author: /time Magazine | Title: A Guarantee Against Losing Cash on Homes? | 3/4/2010 | See Source »

...consumer is very, very fearful - they have no idea where the bottom of this market is and they're very concerned that if they buy a piece of real estate now, that two or three years from now they'll see further significant erosion in the value of their property," says Andrew Herzberg, co-founder of Sirius Value Protection LLC, a closely-held company based in New York...

Author: /time Magazine | Title: A Guarantee Against Losing Cash on Homes? | 3/4/2010 | See Source »

...program isn't without risk for homebuyers either. It requires the homeowner hang onto the new home for eight years before being able to exercise the put option. If the owner sells the house on the open market or loses it in foreclosure before the eight-year waiting period expires, the person is out of luck - the put option becomes worthless. However, homeowners do have the option of opting out of the program in the first six years in exchange for handsome cash bonuses, ranging from 10% of the purchase price in year one to 3% in year six. Still...

Author: /time Magazine | Title: A Guarantee Against Losing Cash on Homes? | 3/4/2010 | See Source »

Some also question the program's long-term financial viability. Sirius Value isn't regulated since it's neither an insurance product nor a security, and experts caution that a lot can happen to a market, program or company in the eight years before the put option can be exercised. "Do they have the financial resources and will they be here eight years from now?" asks Curran...

Author: /time Magazine | Title: A Guarantee Against Losing Cash on Homes? | 3/4/2010 | See Source »

...reason for the domestic shakeup, analysts say, is to revive GM's North American market, considered the heart of any GM recovery. Driving home that point, Reuss brought back experts from GM operations in Australia and Thailand to work on North American sales and marketing initiatives. "We needed expertise," explained Reuss, whose latest re-organization also sent Bryan Nesbitt, who had been general manager of the Cadillac Division since last fall back to GM's design staff where he will be in charge of GM's advance design studio. "Bryan's very talented. We need his expertise in design," said...

Author: /time Magazine | Title: For GM, It's Two Steps Forward, One Step Back | 3/4/2010 | See Source »

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