Word: terme
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Dates: during 2000-2009
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...alternative to HAMP would be the proposed "cramdown" legislation, whereby a bankruptcy judge would be given carte blanche power to modify a loan by lowering the interest rate, reducing the principal amount or extending the term of the loan to make the monthly mortgage payments more affordable to the troubled homeowner. Under this program, firms would not get the big subsidies, since the judge would be acting unilaterally in modifying the loan. (See how Americans are spending...
...However, the cramdown proposal has not gained momentum in Congress: many fear it would destabilize the mortgage industry in the long term, since lenders would be reluctant to make future loans and bondholders would be reticent to purchase them if the terms could suddenly be changed by a judge at any time. "They'd be much more cautious about who they're going to loan to in the future, for fear that this bankruptcy situation could occur, and it would sour them to some degree on making home loans," says Curran...
...result, Curran believes the HAMP program is probably the most effective way to stop foreclosures, at least in the short term...
...After the decision by General Motors to withdraw from the NUMMI joint venture, Toyota conducted a thorough review of its alternatives in light of current and anticipated market conditions," says TMC executive vice president Atsushi Niimi. "Based on this review, we have determined that over the mid-to-long term, it just would not be economically viable to continue the production contract with NUMMI." (See the most exciting cars...
...Vatican, of U.S. nationality, expressed the view of many conservatives about the Kennedy clan's rapport with the Catholic Church: "Why would he even write a letter to the Pope? The Kennedys have always been defiantly in opposition to the Roman Catholic magisterium." (Magisterium is the formal term for the authority of Church teaching.) (See a Kennedy family photo album...