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...house and at least get some long-term mortgage-interest revenue out of the sale. That's a big reason so many banks have balked at loan modifications in spite of MHA: they'd rather roll the dice with another owner since studies show many modified mortgages still go south, just delaying the inevitable. But in cases like Miami Gardens, says Milligan's lawyer, Miami real estate attorney Rashmi Airan-Pace, lenders need to realize that as foreclosures mount and infect neighborhoods, their chances of auctioning those houses dim significantly. "Given what fair market value of these homes has become...
...many ways an inspiring story, a financial overlord from Main Street rather than Wall Street, from the faculty lounge rather than the corridors of power, from the realm of pragmatism and analysis rather than partisanship and ideology. He was a nice Jewish boy from small-town South Carolina who had pursued a career of scholarship; before George W. Bush appointed him to the Federal Reserve Board in 2002, his only brush with politics had been a stint on his local school board. Before the markets went haywire, he was building a reputation at the Fed as a collegial and unassuming...
...massive drought - accelerated by khat cultivation - and the resultant population displacement could have a devastating impact in one of the most fragile countries in the Middle East. A separatist insurgency in the south is threatening to break the country apart, while pirates from Somalia are menacing the coast. Al-Qaeda, meanwhile, has long seen the lawless tribal lands in the northern mountains as a potential sanctuary...
Bill Clinton's mission to rescue the two journalists held captive by Pyongyang marked the start of the latest North Korean charm offensive, with Kim trying to play the affable host to the serious ex-President of the U.S. It continued when Pyongyang released a South Korean businessman it was also holding as a hostage, and it intensified last weekend, when North Korea sent a delegation of officials - including its chief spymaster, head of intelligence Kim Yang Gon - to the funeral for the late South Korean President Kim Dae Jung. The delegation stayed an extra day, requesting and getting...
...week; details of the message that the former President carried from Kim Jong Il are not yet known. But make no mistake, the whiff of horse flesh is again in the air. For now, according to diplomats and officials in Seoul, both the Obama Administration and its allies in South Korea are in agreement: under no circumstances will they back off their demand for complete denuclearization in the North. But a senior official in Seoul tells TIME that South Korea will allow the disbursement of economic aid to the North "in parallel" with the progress North Korea makes on denuclearization...