Word: walke
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...Handing Arias the mediator job takes a load of pressure off the Obama Administration. Since the coup, the White House has had to walk a fine line between cultivating a new, less interventionist image for the U.S. - which has too often aided military coups in Latin America - and "responding to the hemisphere's desire that it take a strong lead in defending democratic norms," says Vicki Gass, senior associate for rights and development at the independent Washington Office on Latin America. "There will have to be a negotiated settlement to this crisis, and while Latin America appreciates...
...that? In the most basic way, we provide an environment in which they can set up enough rules of law and have justice. But we can't just go in and say, "O.K., we provided security, you guys have a good day," and walk away. It's so interrelated that we have to do it in partnership with the Afghan government and all the different agencies that bring expertise to help set up rule of law. It's got to be done in partnership. If you go in and provide security, and there is a lag in the time...
More recently, Foote and his colleagues have studied patterns of mortgage nonpayment, and found that in certain states there is a disproportionate number of people who suddenly stop making payments and never try to catch up. This, they surmise, might be an indication of walk-aways - as opposed to struggling borrowers desperately trying to stay in their homes, making payments when they can. The states with more sudden stops are California, Florida, Nevada and Arizona - places where property prices have plummeted and more than 30% of homeowners are underwater. "That's consistent with the idea that there should be more...
Data from the new paper also point to the likelihood of mass walk-aways being a highly localized event. Sapienza and her colleagues plotted data on late mortgage payments and home-price declines and found very little relationship between the two when house prices in a metropolitan area had dropped less than 20% from their peak. However, once prices had fallen more than 20%, a disproportionate number of people wound up behind on their mortgage payments, even when the unemployment rate (a measure of means to pay) was held constant...
...research also suggests that social cues can play a large role in deciding to walk away. The researchers found that even though 81% of people surveyed considered it immoral to intentionally default, those respondents who said they knew somebody who had were nearly twice as likely to say they themselves would. People who live in areas with high foreclosure rates were also more likely to say they'd be willing to walk away. "Once you see everyone else doing it, maybe the stigma goes down," says Sapienza. "It's also possible that there's a multiplication effect: if I know...