Word: plan
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When it comes to the U.S. housing market, it's sensible to plan for the worst. The latest Case-Shiller Home Price Index for a 20-city composite showed that prices recorded a 1% drop in August and were down 17% for the past 12 months. Miami had a 2% monthly drop and a 28% tumble over the last year; in San Francisco it was ?4%, and ?27% for the year...
...talk of a possible federal mortgage bailout is slowing deals. "Recently, a lot of the financial institutions have stopped accepting short sales to find out if the government is going to buy their loans that are in default. They're waiting to see what happens with the recent rescue plan to buy back mortgages," says Fred Arnold, president of the California Association of Mortgage Brokers. In Miami, banks can't wait to throw underwater mortgages into the government's pool. Says Zalewski, "I can see the Federal Government giving them a mulligan and allowing them to sort...
...expect a do-over from the outgoing Administration, but not a paper-over that would rescue speculators. FDIC chief Sheila Bair has been pushing to use new loan-guarantee authority passed under the $700 billion banking bailout to adjust troubled homeowner mortgages. The plan would provide $50 billion from the government to be tapped as insurance for banks willing to adjust mortgages in a loss-sharing agreement. The FDIC would guarantee any losses on loans readjusted for homeowners who can show a 38% debt-to-income ratio, similar to what the FDIC worked...
...will pay those taxes? Obama's plan to target the highest earners has merit, given that almost all income gains in recent years have gone to the top 1%. But because the rich can afford good tax lawyers, there are diminishing returns to increasing their tax rates. Returning to the pre-2001 top rate of 39.6% (from 35% now) would surely bring in more money, but going much higher might not. Also, the bulk of the recent gains at the top of the income spectrum has come from huge paychecks in the financial sector--paychecks that are almost sure...
...shown up in Dora while he has worked here. "Our officials only care about themselves," he said, in the sort of resigned phrase that should depress any U.S. leader. "They are only in power for four years so they make as much money as they can and then plan to flee the country. What we need is a dictator...