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...well as certain alt-A mortgages, to reset over the next 12 to 15 months. At least $60 billion in option ARMs will reset in 2010, and an additional $64 billion will do so in 2011, according to First American CoreLogic. Experts say this will likely trigger another round of mortgage defaults and foreclosures in the second half of 2010 and cause home prices to fall another 5% to 10% this year before the market bounces back...
Final results from the second round of voting handed a coalition of leftist parties - headed by Socialists and green groups - control of 21 of France's 22 regions. The eastern region of Alsace was the only one captured by Sarkozy's Union for a Popular Movement (UMP). The cumulative national tally saw the left win nearly 54% of the vote, compared to just 35% for the UMP. (See pictures of Bastille Day celebrations...
Will the notoriously hard-charging Sarkozy roll back his reformist drive in the wake of the electoral shellacking? Maybe a bit - especially after his quixotic insistence that the conservatives could win the second round even after the disastrous results of the first round on March 14. Rather than tweak the right's message, Sarkozy focused on a get-out-the-vote push to urge conservatives to go to the polls, a move that helped to slightly increase voter turnout but failed to prevent the left's landslide win. Now Sarkozy may have to accept a change of tactics. Says...
...ethnic minorities and Muslims as threats. The UMP had hoped to pick up extreme-right voters by co-opting some of the traditional themes of the extremist National Front (FN) party. But the debate only seemed to help the moribund FN bounce back; it took 17% of the second round vote in the 12 regions in which it qualified. (Read "Sarkozy Stands by France's Hated Immigration Minister...
...discord, condemning new Israeli construction plans revealed during Netanyahu's visit and dispensing with the traditional photo opportunity and joint statement during Netanyahu's White House visit Tuesday evening. While U.S. officials sought to press Netanyahu to make a series of gestures to build Palestinian confidence in a new round of talks, the episode has instead reinforced the widespread skepticism of the prospects for the Netanyahu government and the Palestinian leadership being able to reach a peace agreement. (See pictures of Jerusalem, a divided city...