Word: recentered
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...option adjustable-rate mortgage the next subprime disaster? For anyone who remembers that souring subprime loans kicked off the real estate meltdown, that's a scary thought. Recent analysis from Standard & Poor's (S&P) anticipates that a full 37.5% of such loans (dubbed option ARMs) that were written in 2007, at the height of lax lending, will eventually go bad. The kicker is that most option ARMs undergo payment spikes after five years, which means the brunt of the impact has yet to be felt. That will change in late 2010, delivering another blow to the fragile housing market...
...worried should we be? Perhaps very, according to a chart from a recent report by Amherst Securities. The chart shows the dollar value of loans that will undergo a 10% or more jump in monthly payments, an amount that plenty of families would find unaffordable considering nearly 1 in 10 workers is out of a job. The chart has two big peaks - the first is the rush of subprime resets that peaked in late 2007 and early 2008; the second is the upcoming wave of option ARMs, which don't hit their full reset stride until 2011. By the middle...
Furthermore, the Federal Government's big loan-modification effort - abbreviated as HAMP - does little to help such borrowers since in many cases lenders will recoup more by foreclosing (the test any loan modification must pass). A recent Bank of America Merrill Lynch study of loan modifications at IndyMac, which provided the template for broader modification efforts, found that about 20% of subprime loans had been rewritten, while fewer than 8% of option ARMs got reloaded. (See pictures of TIME's Wall Street covers...
Senator Joe Lieberman is a far cry from the model politician. In addition to his past political eccentricities, his recent threat to help Republicans block key parts of the federal health-care legislation has angered more than a few people, including the notorious left-wing documentary director Michael Moore. Never one to sit on the sidelines when there’s a statement to be made, Moore has called upon his loyal fans to boycott all Connecticut businesses and institutions until Senator Lieberman comes to his (theoretical) senses. Moore’s plan is not only ill-conceived but also...
...aisle, effectively killing his popularity. These proposals included such radical ideas as automatic health-coverage for all American children up to the age of 25 in a program called MediKids, lower prescription prices for seniors, importing prescription drugs from Canada, and allowing patients the right to sue HMOs. These recent threats to shoot down the health care proposals come notwithstanding the fact that Liebermann, according to the Center for Responsive Politics, to date has received over $930,000 in campaign contributions from professionals in the health care and medical sectors...