Word: seconded
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Dates: during 2010-2019
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...coming weeks as Americans rush to take advantage of the tax-credit program before its April 30 contract deadline. (Under the program, a contract must be signed by April 30 and the home closed by June 30.) Expect lobbying efforts calling for the credit to be extended a second time to escalate as the expiration date draws closer - similar to what happened in the weeks leading up to the first expiration date. But not all experts are on board. Jay Brinkmann, chief economist with the Mortgage Bankers Association, says he would not like to see the program extended a second...
...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...
Also, up to $14 billion of TARP funds will be used to provide subsidies to lenders and loan servicers who agree to write down at least 10% of a first mortgage; the combined value of first and second mortgages can be no greater than 115% of the current value of the home. The new monthly payment cannot exceed 31% of the homeowner's income. Investors in the loans would clearly take the up-front hit, but the risk of future default on the modified loan would be transferred to the government...
...immigrants, 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...
...Washington, Netanyahu reportedly talked with Obama for some 90 minutes on Tuesday evening, then sequestered himself in a different room in the White House with his advisers for another hour and a half before holding a second half-hour meeting with the President at the Israelis' request. But even that failed to bridge the gap between the two sides over what would constitute an acceptable approach to restarting the peace process, and the Israeli leader remained in Washington Wednesday as aides from both sides worked on the issue. The Administration clearly fears that the hard-line position staked...