Word: amherst
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Such will be the case tomorrow afternoon when the No. 12 Harvard men’s lacrosse team takes on No. 18 Massachusetts at 1 pm at Garber Field in Amherst...
...worried should we be? Perhaps very, according to a chart from a recent report by Amherst Securities. The chart shows the dollar value of loans that will undergo a 10% or more jump in monthly payments, an amount that plenty of families would find unaffordable considering nearly 1 in 10 workers is out of a job. The chart has two big peaks - the first is the rush of subprime resets that peaked in late 2007 and early 2008; the second is the upcoming wave of option ARMs, which don't hit their full reset stride until 2011. By the middle...
Some people with option ARMs have already seen their payments spike, thanks to caps on negative amortization - that is, a loan balance that grows, instead of shrinks, over time. In its report, Amherst dissected one such loan, which was written in 2007 for $465,000 over 40 years. A minimum monthly payment that started at $1,260 soon rose to $1,354 and then to $2,806, more than twice the original amount. The borrower quickly defaulted. Going forward, the bigger problem is the reset that normally comes after five years. Even without negative amortization, many borrowers will see their...
...arose in subprime, homeowners and financiers alike were caught off guard. But since those early days of the real estate crisis, all sorts of loans have gone sour in large numbers, including plain-vanilla 30-year fixed rates. "Option ARMs don't have the monopoly on poor performance," says Amherst senior managing director Laurie Goodman. "It permeates the market." When the resets come, we'll feel it - but it won't be anything we haven't felt before...
Greeney recognizes that the happenstance of her name, that she grew up in liberal Amherst, Mass., and that she concentrated in Environmental Science and Public Policy while at the College all make it difficult for her to claim that she is not a “radical environmentalist.” Greeney said that her brand of environmentalism is focused on people’s quality of life...