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...home-foreclosure rate. That's the second highest in Florida, a state that now has the nation's highest rate of homes - 23% - either in foreclosure or delinquent on mortgage payments. Many of the mortgages that have collapsed in Miami Gardens were subprime; city leaders like Williams say they were ethically questionable deals pushed by banks that too often knew their clients were in over their heads. (Read "Four Steps to Ending the Foreclosure Crisis...

Author: /time Magazine | Title: How One City May Punish Banks for Foreclosures | 8/25/2009 | See Source »

...Still, advocates like Airan-Pace say the banks, perhaps because of Geithner's grousing or because they've gotten up to speed on MHA's procedures, have stepped up their modification activity in recent weeks. That's giving them hope that MHA perhaps has a future after all. "This month we've actually been raking them in," says Airan-Pace, who's now confident that she'll be able to work something out for Milligan...

Author: /time Magazine | Title: How One City May Punish Banks for Foreclosures | 8/25/2009 | See Source »

...measures. And while the blaze hasn't been extinguished, it's starting to look like it's under control, which is why President Barack Obama reappointed Fireman Ben to a second term on Tuesday. Bernanke was at the President's side when he made the announcement and heard Obama say that Bernanke had "led the Fed through one of the worst financial crises that this nation and this world have ever faced." (Read Obama's remarks about Bernanke...

Author: /time Magazine | Title: Why Obama Reappointed Bernanke to the Fed | 8/25/2009 | See Source »

...powerful U.S. official; the main check on him is the first most powerful official's power not to reappoint him. That power won't be used this year, and it's easy to see why. But someday, a President may have to use it - no matter what the markets say...

Author: /time Magazine | Title: Why Obama Reappointed Bernanke to the Fed | 8/25/2009 | See Source »

...khat's detractors say the leaf is destroying Yemen. At around $5 for a bag (the amount typically consumed by a single regular user in a day) it's an expensive habit in a country where about 45% of the population lives below the poverty line. (Most families spend more money on khat than on food, according to government figures.) A khat-addled public is more inclined to complacency about the failings of the government, khat ceremonies reinforce the exclusion of women from power and, as is obvious to anyone finding a government office nearly empty on a weekday morning...

Author: /time Magazine | Title: Is Yemen Chewing Itself to Death? | 8/25/2009 | See Source »

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