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...more to lose. RealtyTrak, a research firm that follows mortgage trends, recently reported that the foreclosure rate on homes valued at more than $729,750, also known as the jumbo-mortgage limit, rose 127% in the first ten weeks of this year compared to the same period a year ago. Bloomberg, reports that "about $500 billion of prime-jumbo mortgages are bundled into bonds, according to Memphis, Tennessee-based FTN Financial." The default rate on those bonds may rise as high as 10%, leaving banks with yet another set of substantial write-offs...
...usually do not have the resources to cover their daily expenses for a long time if they lose their jobs or suffer a drop in their earnings. The one thing of value that they had, their home, may currently be worth less than it was 20 or 30 years ago. The wealthy at least have opportunities to make money beyond their salaries whether it is by holding stocks, owning a private business, or being paid a performance bonus. That has probably allowed those people with high incomes who are defaulting on mortgages for expensive homes the reserves to make mortgage...
...constant for this year.” Course offerings are unlikely to see much growth because of FAS financial restrictions on visiting faculty and because some faculty members are on temporary leave to work in Washington under President Barack Obama. Melitz was offered the position at Harvard two years ago, before the financial crisis and FAS constraints on new hires, Stock said. Melitz said he waited to accept the offer in part because of family considerations. His decision to leave Princeton to join the Harvard economics department highlights the rivalry between the two departments—two of the best...
...course, politics can change in a hurry. Three years ago, books like One Party Country and Building Red America were heralding Rove's plan to create a permanent Republican majority. President Barack Obama is popular today, but Democrats in general are not, and they will all face a backlash if they can't reverse this economic tailspin now that they own all the Washington machinery. Tom Cole, a longtime Republican operative turned Oklahoma Congressman, recalls that shortly before the Reagan Revolution, the GOP was in such dire straits, it ran ads declaring that Republicans are people too. "We've lost...
...only one-fourth of the electorate considers itself Republican, that independents are trending Democratic and that as few as five states have solid Republican pluralities. And the electorate is getting less white, less rural, less Christian - in short, less demographically Republican. GOP officials who completely controlled Washington three years ago are vowing to "regain our status as a national party" and creating woe-is-us groups to resuscitate their brand, while Democrats are publishing books like The Strange Death of Republican America and 40 More Years: How the Democrats Will Rule the Next Generation. John McCain's campaign manager recently...