Word: periodicities
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...efforts to prove to the world that the bank is on the mend. In January, CEO Vikram Pandit said his firm had made enormous progress in 2009. And in February, Citi launched a blog to note that among other things, the bank's focus is "Our Clients. Period." But there is one area where the bank says it is no longer exceptional: it's no longer taking U.S. government handouts...
...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...
...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...
...shrugs off such concerns. He says it all comes down to how the assets are managed, how the real estate performs, and, if all else fails, a reinsurance contract. He says the 20% premium fee will be placed into an investment trust and actively managed over the eight year period. He says he has two banks, Wells Fargo and Credit Suisse, on board to manage the assets and even lend money against the home in year eight if needed. On top of that, he says talks are underway to bring in a reinsurer. "The reinsurers' job is to step...
...mere estimates" and claimed that current growth stood at 6.9%. Significantly, the newspaper World of Industry, not a government organ but one that caters to economists and technocrats, pointed out that the following day, Ahmadinejad's figure corresponded with one from two years ago, when Iran was enjoying a period of record oil prices...