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...less than you owe on it, you can pretty much forget about refinancing or selling, the old get-out-of-jail-free cards when you could no longer make your payments. So maybe we should be most worried about the 50% of homes that are underwater in the Detroit area. Or - odd as it may sound - Rhode Island, where the unemployment rate, at 10%, is second only to Michigan, and where 15.7% of mortgage holders are underwater, up from 12.1% in September. (See pictures of the recession...
...Arizona (31.8%), Florida (30.3%) and California (29.5%) round out the top five. Those statewide averages, though, mask a lot of local variation. One pattern: exurbs, where homes are newer and loans more likely to have been signed during the bubble years, are harder hit. For instance, in the metro area that includes Los Angeles, 23% of homeowners are faced with negative equity. Fifty miles to the east, in the area that includes Riverside, 45% are. (Read "House of Cards: The Faces Behind Foreclosures...
...Although the responsibility is new for DeParle, the area of expertise is not. Back in 1993, when Hillary Clinton mounted an effort to reform health care, DeParle was at the Office of Management and Budget working on health-expenditure budget-crunching and statistical analysis. Her interest in managing and reforming Medicare and Medicaid has never really abated. "I don't know if you would say this is her second bite at the apple or if you would say this is a long-standing meal," jokes Chris Jennings, who served as Bill Clinton's chief health adviser...
...moist refuges of the ancient stone homes, most with walls so thick that air-conditioning becomes redundant. One of my favorite places to chill: Getsemani, the tiny European-style section of the Old Town - once the poor neighborhood just across the moat but now the cool Greenwich Village-style area of the city. Getting around the Old Town is a cinch; cabs cost about 5,000 pesos ($2.50) anywhere within the walls...
...Police say they have arrested suspects in the Model Town area of Lahore, but none of those detained are believed to be gunmen. The Interior Ministry has announced that an investigation is underway...