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Some people with option ARMs have already seen their payments spike, thanks to caps on negative amortization - that is, a loan balance that grows, instead of shrinks, over time. In its report, Amherst dissected one such loan, which was written in 2007 for $465,000 over 40 years. A minimum monthly payment that started at $1,260 soon rose to $1,354 and then to $2,806, more than twice the original amount. The borrower quickly defaulted. Going forward, the bigger problem is the reset that normally comes after five years. Even without negative amortization, many borrowers will see their...
...We’re on the ramparts, and there’s a staircase weaving around the tower. There are turrets. We discuss places where Rubin and Dave can have their first concert: out a window, above the portcullis. This is the realest castle we’ve ever seen. We get as far as we can go, stopped by a wooden door, and the guy who went to reform school gets it open. We’re inside. It’s just a residential hallway and we’re disappointed. But on the edge is another door...
...headed home. The bus goes back to Harvard Square. I feel I haven’t given Brandeis a fair chance: I’ve been there many times before. Rubin and I have played basketball in the gym, seen Nas perform on the same court later that night. They have frat parties that spill happily from upstairs bedrooms to basement dance floors where water pipes slither overhead. Rubin has already reserved my ticket for Pachanga, the greatest dance party of the year—a student newspaper editorial calls it “moderated madness” and likens...
...Have you not seen pictures of their rallies?” a friend back home asked me. I have; they’re absurd. Like any gathering of the politically discontent, the movement has its share of loonies, guys in tar-and-feather just as happy smearing Obama as handing out Oswald conspiracy pamphlets. But the Tea Party still isn’t just some barmy half-brother of the GOP. Genuine Tea Partiers find much to blame with both major parties; beneath the noise, there’s a serious desire to re-examine the nation?...
Daveed Kapoor, 30, a healthy, self-employed resident of Los Angeles, is one of California's 700,000 individually insured Anthem Blue Cross customers. Since he bought his policy in 2005, he has seen his premiums rise dramatically. Just last year, his monthly rate jumped from $361 to $495, a 27% increase. Kapoor, who pays his premiums via automatic debit from his bank account, did not receive a notice about the 2009 hike and didn't realize it had happened until reviewing his bank statements several months later. This year's hike - to $665 - may be too much...