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...identifying lending-industry situations in FICO Score Trends that to our knowledge have never been seen before," said Mark Greene, CEO of FICO, in the report. "Economic instability is creating unknown risk in lenders' credit portfolios as well as counter-intuitive trends in consumer behavior...
Strapped consumers have long prioritized paying their mortgage before their credit cards. Losing your house, after all, was seen as worse than losing the ability to spend more than what was in your bank account. But falling housing prices, loan-modification programs and restricted credit have changed the calculus of what debts get paid first for many Americans. What's more, the recent credit-card reforms might make it more attractive for more consumers to put their credit cards before their home loan...
...through a number of changes before it is formally endorsed later this month. But whatever it ends up saying, it is expected to be roundly heralded by E.U. leaders as their miracle cure. Whether they are ready to swallow the medicine they have prescribed themselves remains to be seen...
...Chileans didn't foresee a major tsunami, at least for its own coast so close to the epicenter," says a U.S. geologist who asked not to be identified because he is still studying the Chile data. "Not only was this one of the most powerful earthquakes we've seen in years, its movement was mostly vertical, which produces the most dangerous tsunamis." (See how Asia recovered from the 2004 tsunami...
Still, says Zapata, who is heading up ECLAC's evaluation of the Haiti quake, "given the intensity of Chile's earthquake, it's amazing that there haven't been more damage and deaths than what we've seen so far." Chile has been credited with mandating strict building codes. But even the best earthquake-fitted infrastructure would have trouble withstanding magnitudes much higher than 8.0. The Chile quake, Zapata says, "is off the charts no matter how you look at it," which is why so many bridges and roads have been destroyed there. (See the top 10 news stories...