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...option adjustable-rate mortgage the next subprime disaster? For anyone who remembers that souring subprime loans kicked off the real estate meltdown, that's a scary thought. Recent analysis from Standard & Poor's (S&P) anticipates that a full 37.5% of such loans (dubbed option ARMs) that were written in 2007, at the height of lax lending, will eventually go bad. The kicker is that most option ARMs undergo payment spikes after five years, which means the brunt of the impact has yet to be felt. That will change in late 2010, delivering another blow to the fragile housing market...
...chart has two big peaks - the first is the rush of subprime resets that peaked in late 2007 and early 2008; the second is the upcoming wave of option ARMs, which don't hit their full reset stride until 2011. By the middle of next year, more then $10 billion worth of option ARMs will reset higher each month, according to data from mortgage tracker Loan Performance. That comes close to the figures we saw during subprime's height. (See the best business deals...
...there are signs that the new system wasn’t for nothing. According to Harris, around 10 of the 30 non-punches advanced to the next round, compared with about 40 of the 115 official invites—meaning both groups fared comparably well. It remains to be seen how many of the 10 surviving non-punches will actually make it in, but it doesn’t seem too farfetched that a few will eventually be invited to join the club...
...easily bought-out political tool at worst. And Moore’s fan base, while undoubtedly loyal, may not be loyal enough to dent the Senator’s resolve. A better solution, perhaps, would be for the people of Connecticut to boycott Senator Liebermann in the next election...
...family life, merely accelerated his decision, not determined it. His primary motivation was to maintain the creative spark. "Part of my job is to see into the future, and I could see that our old model is finished," he says. "It's time to figure out what comes next...