Word: resets
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...biggest problem will likely be a flood of inventory hitting the market from rising foreclosures, says Bob Curran, a managing director at Fitch Ratings. With a mountain of specialized adjustable-rate mortgages, known as option ARMs and certain Alt-A mortgages, slated to reset over the next 12 to 18 months and unemployment projected to hit 10.5% this year, the number of homeowners defaulting on their mortgages is expected to surge. At least $64 billion in option ARMs will reset in 2010 and another $68 billion in 2011, according to First American CoreLogic, a real estate and mortgage-data company...
...Russia: The Obama Administration promised to hit the reset button in relations with Moscow, hoping that by addressing Russian concerns on the stationing of U.S. missile defense assets in Eastern Europe it could coax Russia on board with U.S. efforts to pressure Iran. But while the Administration berates the Russians for being locked into a Cold War mind-set, the Russians say the same about the U.S. policy of maintaining the NATO alliance (constructed especially to contain the Soviet Union) and extending it to Russia's borders by seeking to draw in the likes of Georgia and Ukraine. Those policies...
...that diplomacy wasn't given a serious chance. And those who insisted on a time limit for diplomatic efforts to stop Iran's nuclear program will almost certainly do the same on sanctions. That could force Obama, in the next year or two, to either hit the proverbial "reset" button on Iran diplomacy, or else confront the narrower choice touted by Western hawks: bomb Iran, or Iran with the bomb...
...time has come for the Obama Administration to do a reset of American policy in the Middle East. At the moment, things are a mess. Earlier this year, U.S. officials requested that the Israelis stop all construction of settlements. Having drawn such a line in the sand, they appeared to blink when the Israelis kicked some of the sand in their face. Nor were the Americans able to get Arab countries to offer enticements to Israel in exchange for further concessions. So peace talks are on hold. (See pictures of Obama overseas...
...needs to start taking Russia seriously if it wants Moscow's help on Iran. The Administration insists that its "reset" of relations with Russia is a major priority. Unfortunately, as in many other policy areas, the President and his team try so hard to satisfy their critics that they appear unwilling to make critical choices, doing just enough to raise hopes but not enough to realize them. The Administration, for example, announced in mid-September that it was unilaterally dropping plans to base advanced missile-defense interceptors in Poland and the Czech Republic. Critics said Obama had given away...