Word: rates
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...steps to beef up its controls. But some bad calls - whether from a lack of resources (it has long begged Congress to fund computer upgrades) or a lack of judgment - will haunt the agency for years. Loans it backed in 2006 and 2007 are souring at a particularly high rate because of seller-financed down payments; when a home buyer isn't the one ponying up equity, there is more than twice as much chance that the loan will go bad. That practice is now gone, but the FHA is still expecting more than 20% of the loans it insured...
Still, the FHA is facing the same economic headwinds as every other mortgage-industry player. As unemployment rises, so do mortgage delinquencies. As of the end of June, nearly 8% of FHA loans were seriously delinquent or in foreclosure, according to the Mortgage Bankers Association - mirroring the rate for mortgages overall. Nearly 17% of agency loans were at least 30 days behind. (See 10 big recession surprises...
...some product categories, such as LCD TVs, retailers will match cut-rate prices offered by their online brethren - Amazon and Newegg.com, for example - even if it means selling at a loss, just to get people into their stores. In other cases, they'll keep prices slightly higher but bundle in accessories and software or waive delivery or setup charges. (See how Americans are spending...
...know what you’re thinking: Pointless paper shuffling, deeper deficits. Where do people get the nerve to suggest more bureaucratic mess? Creating another cabinet-level department would waste precious time, energy, and resources. On the other hand, the unemployment rate is into double digits, and we need to flesh out some fresh ideas for recovery...
...China, the household-savings rate exceeds 20%. It is partly for straightforward policy reasons. As we've seen, wage earners are expected to care for not only their children but also their aging parents. And there is, to date, only the flimsiest of publicly funded health care and pension systems, which increases incentives for individuals to save while they are working. But China, like many other East Asian countries, is a society that has esteemed personal financial prudence for centuries. There is no chance that will change anytime soon, even if the government creates a better social safety...