Word: shorted
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Freddie lost $1 billion more on bonds tied to short-term loans made to Lehman Brothers. Like Lehman, that investment went belly up. Then there are all the houses it has to repossess as people stop paying their mortgages. The company now owns about 30,000 homes. Maintaining these houses costs about $3,300 a month each, and that comes on top of the loan loss, which is typically about one-third the size of the mortgage. Wave goodbye to another billion...
...House of Cards" paints a sad picture of two people who allegedly followed all the rules yet are still in jeopardy of losing their homes, but I'm short on sympathy [March 9]. My grandfather had a rule, and it was to never spend capital gains on disposables. In other words, don't cash out of real estate to buy junk you don't need. Paula Stevens refinanced three times so she could spend freely on "clothes and gear for her girls"? Are you kidding me? Sorry, but while there certainly are legitimate cases of distressed homeowners, many refinance-based...
...Irving Kristol, chartered the school of thought known as “neoconservatism,” and he studied for his doctorate under Harvey C. Mansfield, Jr., ’53, conservativism’s elder statesman and principal brain trust. Despite these credentials, Mr. Kristol’s short run on the Times’s editorial page had yielded little more than uninspired boilerplate. With Mr. Douthat taking his stead, the Times will now feature a conservative whose intellectual vintage is much younger but who has already earned a reputation as an independent thinker and reformer...
...days, the paper would be forced to close its doors or produce a Web-only version with a fraction of its staff. The P-I's demise is a sign of the times, coming in the wake of the Feb. 27 closure of Denver's Rocky Mountain News weeks short of its 150th anniversary, while the San Francisco Chronicle, another Hearst paper, has been put on notice that its days may be numbered. (See the top 10 financial collapses...
...Though Obama's tone fell somewhat short, he has proved that he understands the level of humiliation now being foisted on American taxpayers. He described the stakes of the current situation perfectly. "This is not just a matter of dollars and cents," the President said in the East Room. "It's about our fundamental values. All across the country, there are people who are working hard and meeting their responsibilities every single day without the benefit of government bailouts or multimillion-dollar bonuses...