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...change in customers' credit behavior has to do with falling housing prices. For a long time, a house was the largest asset of most people. But according to a recent study from housing-value tracker Zillow.com, about 20% of all homeowners are now underwater on their mortgage, meaning they owe more than their house is worth. With housing prices still falling, many see little value in holding on to their home. In fact, some mortgage experts have recommended that individuals walk away from their home loan, repair their credit and start again. (See the worst business deals...

Author: /time Magazine | Title: Strapped Consumers Paying Credit-Card Bills Before Mortgages | 3/2/2010 | See Source »

...Athens' oft-intemperate mayor, Nikitas Kaklamanis, who upped the ante by invoking the ghosts of Greece's war dead: "Ms Merkel, you owe us for Kalavryta, you owe us for Distomo, you owe us ?70 billion ($95 billion) for the ruins you left us," he said, referring to two World War II incidents in which hundreds of Greeks were massacred in reprisal attacks by German soldiers. See the top 10 financial-crisis buzzwords...

Author: /time Magazine | Title: Greece's Debt Crisis: Blaming Nazi Germany | 2/26/2010 | See Source »

...elementary school gyms, piling into tiny rental cars like circus clowns, begging other countries to drive their skis to events (there just wasn't room in the backseats). "We had to get creative," says Steitz. "There were times we moved from town to town pretty quickly. I probably still owe some people money...

Author: /time Magazine | Title: How America Crashed the Nordic Party | 2/24/2010 | See Source »

Haiti's Hardship TIME says, "We owe it to the survivors ... to help build a Haiti that will never again be so vulnerable" [Feb. 1]. Does this mean other nations can persuade the handful of families and businesses that control the wealth of Haiti to begin paying appropriate taxes? Does this mean Haitian leaders will direct foreign aid to health care facilities, water and sewage systems, education, job training and proper building construction? Or after this acute crisis has passed, will Haiti return to baseline poverty? The ethics of those who run this little country must change or be coerced...

Author: /time Magazine | Title: State of the White House | 2/22/2010 | See Source »

...Haitis TIME says, "We owe it to the survivors ... to help build a Haiti that will never again be so vulnerable" [Feb. 1]. Does this mean other nations can persuade the handful of families and businesses that control the wealth of Haiti to begin paying appropriate taxes? Does this mean Haitian leaders will direct foreign aid to health care facilities, water and sewage systems, education, job training and proper building construction? Or after this acute crisis has passed, will Haiti return to baseline poverty? The ethics of those who run this little country must change or be coerced to change...

Author: /time Magazine | Title: Inbox | 2/22/2010 | See Source »

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