Word: resetting
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...rates on some adjustable-rate subprime loans isn't really about rescuing lots of homeowners. It's mainly about buying some time for mortgage servicers, Wall Street firms and investors around the world who face a chaotic couple of years as foreclosures rise and a couple million subprime loans reset at higher rates...
...mortgages that went into foreclosure in the third quarter, 43% were adjustable-rate subprime loans, even though those make up only 6.8% of all outstanding loans. It is precisely these subprime ARMs, most of which came with low "teaser" rates that later reset to much higher rates, that the Administration's rate freeze is aimed at. It calls for lenders to observe a five-year freeze on rates for mortgages due to reset between Jan. 1, 2008 and July 31, 2010. It's entirely voluntarily, but Paulson has lined up big mortgage servicers and investors behind...
...best those missiles could carry is conventional explosives, the case for deploying the missile defense system in the face of the heavy diplomatic cost and financial burden ($4 billion through 2013) becomes increasingly dubious. For one thing, the Pentagon faces mounting bills of tens of billions of dollars to "reset" the U.S. military - replacing everything worn out in Afghanistan and Iraq - over the coming decade...
...Shinya Yamanaka of Kyoto University reports success in turning back the clock on cheek cells from a middle-aged woman, while James Thomson of University of Wisconsin, the first to isolate human embryonic stem cells, achieved the same feat with foreskin cells from a newborn baby. The achievements completely reset the boundaries of the stem cell debate, because both groups generated cells that looked and acted like embryonic stem cells, but without the need for eggs, embryos or ethical quandaries about where the cells came from. "I think this is the future of stem cell research," says Dr. John Gearhart...
Borrowers could refinance their mortgages with fixed-rate loans under a cautious remedy proposed by Bush on Aug. 31. But this will apply to only the 80,000 who have 3% equity in their home and can prove their original loan was being repaid until it was reset...