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...Then there's the elephant in the room: jobs. The U.S.'s unemployment rate, which stood at 9.7% in February, is expected to hit at least 10.3% before peaking later this year, according to Gus Faucher, director of macroeconomics at Moody's Economy.com. Says Brinkmann: "The fundamental driver in demand for housing still comes down to jobs." (See 10 ways your job will change...
...same time, the industry is bracing for an avalanche of specialized adjustable-rate mortgages, known as option ARMs, as well as certain alt-A mortgages, to reset over the next 12 to 15 months. At least $60 billion in option ARMs will reset in 2010, and an additional $64 billion will do so in 2011, according to First American CoreLogic. Experts say this will likely trigger another round of mortgage defaults and foreclosures in the second half of 2010 and cause home prices to fall another 5% to 10% this year before the market bounces back...
Initial reactions to the plan are mixed. Bob Curran, managing director of Fitch Ratings, calls it a step in the right direction. He says principal reductions will likely be more effective in modifying loans than past efforts that involved only interest-rate cuts and extensions of loan terms. "The loan-modification effort has not been very successful to this point in time," he says. However, he believes that only a small fraction of troubled homeowners will qualify for the program. "It will probably help some additional portion of the public, but I'm not sure it's enough to make...
...report focuses on the iconic gorillas of eastern Congo. But researchers say the western gorillas, though greater in number, are dying at a much faster rate. That's because they don't attract nearly the attention that Virunga's mountain gorillas do and live in areas where poachers escape punishment easily. "The most critical challenge that we face in central Africa is undoubtedly a lack of law enforcement," says David Greer, coordinator of the African Great Apes Program at the World Wildlife Fund. "In no uncertain terms, it's the ubiquitous impunity in this region. Nobody is held accountable...
...Emmons believes that her office will be able to help the school maintain their high success rate in NIH grant awards, with 30 to 40 percent of proposals receiving federal funding...