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...reason servicers haven't more wholeheartedly adopted bolder tactics is lingering concern over getting sued by investors who are ultimately entitled to the loan payments through mortgage-related securities. Servicers are contractually bound to act in the interest of investors overall, but they might still not rewrite loans, even when that creates the most value in the aggregate, since modifications can impact certain investors more than others - and it only takes one to sue. That's why on Feb. 4. the House Financial Services committee met to talk about making a law to shield servicers from such lawsuits...

Author: /time Magazine | Title: Will Loan Modifications Lift the Housing Market? | 2/6/2009 | See Source »

...Ukrainian government has repeatedly said that the arms are bound for Kenya. Mykola Malomuzh, the chief of Ukraine's state weapons-exporting agency, Ukrspetsexport, said Kenya had assured the government that it and not South Sudan was the owner of the tanks. "The cargo onboard the ship was transported under a contract between Ukrspetsexport and the Defense Ministry of Kenya," Malomuzh said Thursday...

Author: /time Magazine | Title: Pirates Free Ship, Doubts Remain on Destination | 2/6/2009 | See Source »

...this 'buy American' clause is adopted, it will make it harder for those in Europe in arguing for markets to stay open," says Simon Tilford, chief economist at the London-based Centre for European Reform (CER) think tank. "Also, after Europe's huge expectations for Obama, there is bound to be a huge disillusion with him if the U.S. goes down this road...

Author: /time Magazine | Title: Why Europe Is Fuming About the Stimulus Package | 2/5/2009 | See Source »

...flooded into neighboring Thailand and China, feeding Asia's chemically induced highs. There are some signs that the Burmese government is trying to stanch the drug flow. In January, a high-profile raid in the Burmese commercial capital, Rangoon, netted a large amount of heroin loaded onto a ship bound for Singapore, according to the Irrawaddy, a media organization run primarily by Burmese in exile in Thailand. But the raid appears to have been galvanized by foreign anti-drug agents, and, as the Irrawaddy points out, it's not clear whether the Burmese junta would have raided the ship without...

Author: /time Magazine | Title: Burma's Opium Production Back on Rise | 2/4/2009 | See Source »

According to the Vatican official, Castrillón was bound to forge ahead as he pleased. Born in Medellín, Colombia, he has displayed courage, tenacity and a willingness - even an eagerness - to mix church and state. He has gone deep into Colombian jungles to mediate between leftist guerrillas and right-wing death squads, and once, while still a bishop, he showed up at the house of cocaine king Pablo Escobar disguised as a milkman. Revealing himself, Castrillón implored Escobar to confess his sins, which, presumably at some considerable length, the vicious gangster did. "Anyone who's had interaction...

Author: /time Magazine | Title: The Cardinal Behind the Pope's Lefebvrite Flap | 2/4/2009 | See Source »

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