Word: nationalizations
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...city of 110,000 people just north of Miami is staring at another figure today: a 13% home-foreclosure rate. That's the second highest in Florida, a state that now has the nation's highest rate of homes - 23% - either in foreclosure or delinquent on mortgage payments. Many of the mortgages that have collapsed in Miami Gardens were subprime; city leaders like Williams say they were ethically questionable deals pushed by banks that too often knew their clients were in over their heads. (Read "Four Steps to Ending the Foreclosure Crisis...
...recently chided banks for their poor loan-modification performance: so far only 9% of the 3 million-plus at-risk mortgagees have received relief, like rate or principal reductions to reduce monthly payments, despite the federal Making Home Affordable Program. This year MHA made $75 billion available to the nation's 38 major home lenders for that express purpose. (Read "Is Florida the Sunset State...
...under control, which is why President Barack Obama reappointed Fireman Ben to a second term on Tuesday. Bernanke was at the President's side when he made the announcement and heard Obama say that Bernanke had "led the Fed through one of the worst financial crises that this nation and this world have ever faced." (Read Obama's remarks about Bernanke...
...Great Panic, David Wessel details how Bernanke essentially turned himself into a fourth branch of government, exploiting a loophole in a 1932 law that gave the Fed wide latitude in "unusual and exigent circumstances" to become a virtual economic commander in chief, dropping several trillion dollars into the nation's credit jet stream without presidential or congressional input, inaugurating all kinds of unprecedented programs with obscure acronyms. His motto, Wessel writes, was "whatever it takes...
Malaysia prides itself on being a multiethnic democracy where numerous religions coexist. But its reputation as a moderate Muslim-majority nation has been called into question by a monthlong controversy over whether a Muslim mother of two, Kartika Sari Dewi, should be whipped for a peculiar crime: drinking a beer in public. On Aug. 24, Kartika was due to become the first woman in Malaysia to be caned, after an Islamic court sentenced her in July to six lashes. But Islamic officials suddenly delayed the corporal punishment just hours before she was to endure the lashing...