Word: resets
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...mortgage default rates, especially among subprime mortgage holders, began to climb at an unprecedented rate. Many home loans had been given to people without even a credit check or income verification. The mortgages often carried very low interest rates in their first three years which reset to much higher numbers after that period. Homeowners found their monthly mortgage payments spiking up and, in many cases, they could no longer afford to make these payments as employment fell across the economy...
...Someone who took out a subprime loan in 2003 is the "patient zero" who began the great recession. In financial models, he was supposed to pay his mortgage for ten years and then sell his home. When his mortgage reset in 2006, he defaulted. The flow of his payments into the mortgage pool stopped. The differential between the real world and the Wall St derivative model moved off center by a fraction of a millimeter. Another person within the same pool defaulted the next day, and quickly the mortgage pool lost the financial yield characteristics that it was supposed...
...home had been rising at 10% a year for four years. He was a good credit risk not because of his income but because the value of the asset he bought was bound to go up 100% by the end of this decade. Two months after his mortgage reset in 2006, he lost his job. He was in default less than 90 days later...
...Pill. An experimental drug, tasimelteon, has been successful in helping people reset their body clocks and beat jet lag, in clinical trials. The drug hasn't been federally approved yet, but you may find similar benefits in taking melatonin - tasimelteon mimics that naturally occurring hormone...
After the break-in, the Cabot locksmith changed the locks and gave the roommates new keys. The fire door alarm was also reset...