Word: primed
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...homeowner who has 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...
...struggling borrower's monthly payment. The Maryland Office of Financial Regulation, which collects data on some 380,000 loans from 65 servicers, found that of modifications completed last August and September, 42% kept the monthly payment the same and 18% actually raised it. An analysis of 3.5 million sub-prime and Alt-A loans by Valparaiso University's Alan White found that 68% of modified loans tacked on unpaid interest and fees, adding an average $10,800 to the balance due. A lender that caps the existing interest rate on an otherwise adjustable mortgage or reamortizes missed payments over...
...borrowers in their homes in the long run. The most quoted research on the topic, from the investment bank Credit Suisse, shows - unsurprisingly - that when modifications involve lower monthly payments, borrowers have much more of a fighting chance. One report, looking at modifications made to a pool of sub-prime loans, found that 44% of loans with increased monthly payments were more than 60 days delinquent within eight months. After that same period, only 15% of loans that had received an interest-rate reduction and 23% in which the principal balance had been reduced were more than 60 days late...
...lost power to its Social Democratic opposition, some of whom had served in the Communist government. This was not due simply to the economic climate; in the first truly free elections, the movement split violently when Walesa ran for president against Tadeusz Mazowiecki, another Solidarity politician who was then prime minister...
...have, really, the rule of law prevail in Iraq," says Allawi, complaining of corruption and a Shi'ite sectarian bias in the al-Maliki government. But as much as Allawi may see signs of a renaissance in the results, which will be finalized in a couple of weeks, Prime Minister al-Maliki will feel he passed with flying colors in this first major test of his political prospects...