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...always made mortgage payments on time, perhaps by sacrificing spending elsewhere, the whole concept may seem grossly unfair. But society's problems are unfortunately often our own. As the foreclosure rate has skyrocketed, and loan defaults have rippled from subprime mortgages into ones made to prime and near-prime borrowers, property values in many parts of the country have been pounded. There is an unavoidable correction going on in house prices, that much is true, but the swoon has caused additional problems as it traps many flailing borrowers in their homes. Simply selling your home when you can no longer...

Author: /time Magazine | Title: Will Loan Modifications Lift the Housing Market? | 2/6/2009 | See Source »

...cowboy theme starts on the journey up Highway 2 from Bangkok, near the town of Pak Chong. At the Chokchai Steakhouse, tel: (66-4) 432 8445, run by one of the country's largest farms, carnivores can dig in to dry-aged T-bone and spicy jaew sauce made with garlic, chili and ginger, or pick up disks of sweetened beef jerky for the ride north. Freshly churned ice cream is available for dessert. And just as the American West has its Californian vineyards, so this vicinity is home to several Thai wineries, which offer up passable plonk...

Author: /time Magazine | Title: Thailand's Wild East | 2/5/2009 | See Source »

...Several rustic resorts catering to Thai tourists are clustered near the park, but the poshest digs are at Kirimaya, www.kirimaya.com, a boutique hotel that boasts lovely landscaping and a Jack Nicklaus - designed golf course. Kirimiya's standard rooms are a tad cramped, especially given how expansive the grounds are. But the four tented villas, with oversized Jacuzzis, are plenty spacious. Just the place to hang your cowboy...

Author: /time Magazine | Title: Thailand's Wild East | 2/5/2009 | See Source »

...intractable damnation," and it's not hard to see why. Shanties still line the same steel tracks on which José's tortured antihero Antonio Samson kills himself, after learning that his vapid high-society wife is having an affair. On a recent afternoon, naked boys skipped rope near piles of rotting trash. Meals bubbled over open fires, just feet from railroad ballast...

Author: /time Magazine | Title: Manila Through the Eyes of F. Sionil José | 2/5/2009 | See Source »

...Brother, My Executioner, set just after World War II, the head of "the country's leading sugar family" Eduardo Dantes rents two floors to lodge the European royalty and opera singers he flies in for a party. Luis Asperri, the protagonist, is a privileged would-be poet who lives near the hotel in Ermita - at the time one of Manila's most exclusive districts. From his Spanish-style home, he soaks in those gorgeous Manila sunsets of lore with their "resplendent ochres, browns, and indigos...

Author: /time Magazine | Title: Manila Through the Eyes of F. Sionil José | 2/5/2009 | See Source »

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