Word: worthely
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Boemio specializes in short selling, in a particularly Vegas way. Basically, she finds clients who owe more on their house than the house is worth (and that's about 60% of homeowners in Las Vegas) and sells them a new house similar to the one they've been living in at half the price they paid for their old house. Then she tells them to stop paying the mortgage on their old place until the bank becomes so fed up that it's willing to let the owner sell the house at a huge loss rather than dragging everyone through...
...Persian carpet from the seller - a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer - who was happy just to get a deal on the house - asked if the Persian carpet was really worth $60,000, the agent looked at him as if he were insane. "I bought it at Wal-Mart," the agent told him. Now all the friends of the investor who got his $60,000 back are asking the agent to pull the same scam for them. And he's doing...
Some municipalities are using the money to create jobs. In Perry County, Tennessee, for example, 300 private- and public-sector positions are being subsidized through the use of several million dollars' worth of the state's emergency-fund allotment. Some of these are just temporary, a short-term pick-me-up for the laid-off. Elsewhere, officials are eyeing the emergency fund for longer-term aid. Los Angeles, for example, has plans to kick off a yearlong employment program that will give subsidized jobs to up to 10,000 people. (See 10 perfect jobs for the recession - and after...
...argue," she says. "Just a few days ago I spoke to my aunt and she told me, 'You know, we're never going to see each other again.'" Bagayeva's eyes well up with tears, but, like so many in South Ossetia, she feels the sacrifice is one worth making: "We want a better situation at the border, but we also want our own country. For us, there is no road back. We want our independence." (Read: "A Year After War, S. Ossetia More Dependent on Russia...
...Maltese-flagged Arctic Sea reported that it had been boarded by gunmen posing as law-enforcement officers off the coast of Sweden and that its 15 Russian crew members had been tied up and beaten. Four days later, the ship - which was carrying a load of timber from Finland worth $1.84 million - sailed into the English Channel, where it made routine communications with British maritime authorities, who at the time were unaware of the hijacking. About 50 miles (80 km) off the coast of Britain, the ship then slipped off the radar and has yet to be located. Officials...