Word: teasers
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...game-playing. The reason for Andrew's discomfort: his young wife is having an affair with her hairdresser, Milo Tindale. Enter Milo into Andrew's lair. The older man has an attractive, illegal proposal for Milo that could make them both rich and happy. But that's just a teaser to Andrew's much darker scheme - one that will bring a policeman to inquire about a missing body...
...comment came in 2004, when he pointed out that many borrowers could save money by taking out adjustable-rate mortgages (ARMS). Many borrowers did save money with ARMs, and the idea that a few words from Greenspan at a credit-union meeting persuaded millions of others to take out teaser-rate loans they couldn't afford stretches belief. But with ARM-related defaults on the rise, it doesn't look good...
...reason for the boom's doom was that in the nation's San Diegos, double-digit annual price increases put most homes out of the reach of middle-income buyers. The mortgage industry and its funders on Wall Street responded with laxer lending standards and creative loans (no downpayment, teaser rate, interest only, etc.) that really made sense for borrowers only if prices kept going up and they could sell at a profit or refinance. When prices stopped rising last year, the edifice began to crumble...
...homeowners will have to pay to keep their mortgages current. According to an analysis by First American CoreLogic, a firm that tracks real estate and home loans, a typical subprime first mortgage that was originated in 2004 to 2006 will face a monthly increase of $407, and a typical teaser-rate loan, the type often sold to people based on their ability to pay the introductory rate and not the reset, will see monthly payments jump...
Michael Crichton has made an excellent literary career scaring us about what will happen when our brains outpace our souls. In best sellers from the Andromeda Strain to Jurassic Park to his latest book out today, Next ("Welcome to our genetic world," says the teaser. "Fast, furious and out of control"), Crichton has for years been stoking the private ethics conversation that we are so clumsy at conducting in public...