Word: riskier
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Call it the international house of pancaked leverage, built on the proliferation of subprime and exotic mortgages that did away with many of the safeguards built into the classic 30-year fixed rate with a 20% down payment. Riskier loans originally designed for a narrow band of home buyers--interest only, adjustable rate, balloon payment, no documentation (of income, that is)--took off broadly in the last rising market, and Denver was one of the many areas where they were...
...side to the evangelical movement in Korea is increased competition. Churches number in the tens of thousands here, and are competing so intensely for members that pastors feel pressured to engage in a kind of one-upmanship: sending congregants on as many overseas missions as possible. New markets and riskier missions tend to garner more publicity, which until now has translated into more kudos and ultimately more money for the pastor and the church...
Because the world economy is so strong, times are still good for business in general. Recent jitters in the riskier parts of the bond and loan markets may slow the private-equity boom (private-equity firms use borrowed money to purchase the likes of Chrysler and Hilton) but don't necessarily presage a crash. The Federal Government, which gets an ever higher percentage of its revenue from the minority of taxpayers who are profiting from the global boom, is making out O.K. as well. But the era of easy money, when ordinary Americans could count on borrowing their...
...Chavez, who is determined to reduce Venezuela's dependence on the U.S. market, is betting that high oil prices as well as deep-pocketed ideological allies like China and Iran will help make up for any investment shortfall. It's a risky gamble - but not much riskier than U.S. energy policy. Between 2001 and 2006, U.S. gasoline consumption decreased by a laughably small 1%, according to a recent study by the University of California at Davis. Americans could blunt the effects of policies like Chavez's by lessening their dependence on foreign oil. But that, it seems, would...
What happened? Declining global interest rates left investors searching for anything that would pay higher yields. Eager to oblige, Wall Street investment bankers devised ever cleverer ways to package ever riskier loans into high-yield securities. And mortgage lenders came up with ever more creative loan terms to attract customers. This lured "unsophisticated borrowers who had difficulty fully understanding how these products would affect them when interest rates rose and housing prices edged off," says Eugene Ludwig, a former top banking regulator who now runs Promontory Financial Group...