Word: timings
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...same time, the industry is bracing for an avalanche of specialized adjustable-rate mortgages, known as option ARMs, as well as certain alt-A mortgages, to reset over the next 12 to 15 months. At least $60 billion in option ARMs will reset in 2010, and an additional $64 billion will do so in 2011, according to First American CoreLogic. Experts say this will likely trigger another round of mortgage defaults and foreclosures in the second half of 2010 and cause home prices to fall another 5% to 10% this year before the market bounces back...
...Fitch Ratings, calls it a step in the right direction. He says principal reductions will likely be more effective in modifying loans than past efforts that involved only interest-rate cuts and extensions of loan terms. "The loan-modification effort has not been very successful to this point in time," he says. However, he believes that only a small fraction of troubled homeowners will qualify for the program. "It will probably help some additional portion of the public, but I'm not sure it's enough to make a difference [in the overall housing recovery]," says Curran...
...That means it is an unusually bad time to be a gorilla. A new U.N. report warns that most of the remaining gorillas in Africa could go extinct within 10 to 15 years in the Greater Congo Basin, the swath of forest and savanna that stretches from Africa's Atlantic coast across the Democratic Republic of Congo (DRC) to Rwanda and Uganda in the east. (See pictures of species near extinction...
...similar report in 2002 estimated that only 10% of the gorillas' habitat would remain by 2032. But the authors say even that dire prediction was optimistic. At the time, researchers did not predict the rise in Chinese demand for timber or the extent of mining in Congo. "Ten years ago, when we did the other report, China and the rest of Asia were not major players in Africa, and now China has up to 40% of the wood-and-mineral trade," Christian Nellemann, a U.N. Environment Program official and the report's lead author, tells TIME. "We have new satellite...
...Virunga National Park. "We're dealing with an unusual situation, where we have very low numbers in a single location. It's like having all your eggs in one basket, and that makes them very vulnerable beyond the success we've been having these last few years." (Read a TIME cover story on the gorilla...