Word: swaps
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Dates: during 2000-2009
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...time of pessimistic forecasts and rising fear, many toxic assets are probably worth more than the bank models or credit-default-swap indexes suggest. For example, a recent reading of the ABX index puts the value of even the highest-rated subprime mortgage bonds created in 2007 at only 27% of their precrunch prices. Yes, Americans are behind on their mortgages, but even the most pessimistic prognostications do not predict that 73% of home loans will become worthless. (See pictures of the dangers of printing money...
From there, a swap unfolds like a standard real estate transaction. Both sides have to be approved for loans. On Dec. 30, the Petroccos sold their townhome to Shan for $197,000 and bought her house for $289,000. The Petroccos now pay $500 more than they used to each month on their mortgage. Shan pays $550 less a month and squirreled away the profit...
...Shan, the trade could not have come at a better time. Shortly after the closing, she was laid off from her job as a project manager at a large communications firm. "This was a lifesaver for me," she says of the swap. "Now that I have a layoff package and a smaller mortgage payment, it takes a lot of the pressure...
Will these new home-shopping networks put more real estate agents out of business? "The site is open to Realtors and helps them connect motivated sellers," says Daniel Westbrook, CEO of onlinehousetrading.com which now has more than 50,000 frustrated property owners looking to make a swap. "The reason they turn to us at all is they've exhausted all other options...
...Filipino-fusion creations, such as pasta sauces in flavors such as mussel adobo and creamy shiitake pesto. If you can manage it, wash it all down with thick, creamy tsokolate, a Spanish-style hot chocolate blended with peanuts and whipped to a heady froth. But be prepared to swap those afternoon sightseeing plans for another great Spanish import: a siesta...