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...surprisingly, modifications that result in stressed homeowners paying more each month have a greater chance of winding up in default or foreclosure. A recent Credit Suisse report looked at modifications made to subprime loans in the last quarter of 2007 and found that 44% of loans with increased monthly payments were more than 60 days delinquent within eight months. What had a much better shot of working: reducing interest rates and principal. 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 delinquent after...
...There may be little hope, however, of avoiding the next stage of the global financial crisis: dramatically slower economic growth. The surprising speed at which Asia's economies are decelerating was made clear in China's third quarter GDP figures, released Monday. At 9% growth, China experienced its slowest quarter since 2003. The State Council over the weekend issued a policy statement in which the government promised to provide economic support through greater infrastructure spending, and by offering tax breaks to help small companies and the sagging property market. As the global financial crisis unfolds, the role Asian governments play...
...time, the Crimson’s senior quarterback Chris Pizzotti went straight for the end zone, dropping the 26-yard pass over two defenders into the waiting arms of junior Matt Luft, putting Harvard up 7-0. The Crimson benefited from a defensive touchdown midway through the second quarter, when senior Eric Schultz tipped a pass from Clark to Dorris, who had a wide-open lane for the 21-yard touchdown. “They were both Christmas gifts,” Dorris said of the turnovers. HITS KEEP COMING Harvard also suffered from a lack of diversity...
...Matt Luft,” Pizzotti said after Saturday’s 27-24 win over Lehigh.Luft was his usual self against the Mountain Hawks, hauling in seven catches for 111 yards and two touchdowns.Luft’s first score came towards the end of the first quarter with the game still scoreless. After freshman cornerback Matt Hanson recovered a fumble on Lehigh’s 26-yard line, Pizzotti found himself with great field position and an easy decision to make regarding how to get Harvard on the board.Dropping back on the first play of the drive, Pizzotti...
Harvard’s defense watched as an opposing rusher racked up over 100 yards—for the first time in three years. It watched as a comfortable halftime lead dwindled as the minutes wound down in the fourth quarter. But it was Lehigh who watched as the Crimson’s defense got the big play it needed to seal its third straight win. As the Mountain Hawks charged inside the Harvard 20 and seemed on the cusp of taking the lead with just over a minute to play, senior defensive end Peter Ajayi forced Lehigh quarterback...