Word: current
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...situation like this, you could have sold your home and bought a smaller one with more affordable payments. Or you could have refinanced your home at a lower rate. But today home values have fallen so sharply that even if you make a large down payment, the current value of your mortgage may still be higher than the current value of your house. So no bank will return your calls, and no sale will return your investment. You can't afford to leave, and you can't afford to stay...
...just have to get her through that," Stevens explained. So after several sleepless nights, she decided to go see Wagoner and file for bankruptcy, which stalled the foreclosure process. Now Stevens is hoping that Obama's new program will persuade the mortgage company to reduce her debt to the current value of the house...
...deal with Treasury to convert the government's holding of Citi preferred stock into common shares. The U.S. Treasury could end up owning more than 36% of the ailing bank. But confidence in the financial community remains low. Describing a vicious cycle of risk aversion, former Fed chief and current Obama adviser Paul Volcker told Congress's joint economic committee on Thursday that "an insecure bank faced with what it sees as insecure borrowers is not a very eager lender. It's a problem of lack of good borrowers, confident borrowers, as well as weak banks and worried bankers." Testifying...
...matter what the agency says about its list, the actual figure for problem banks is much too low. The FDIC can claim that it historically accurate measurements, but most financial history is useless at this point. Even well-known economists grasp for examples of periods that are comparable to current conditions...
...Last year, the omnipresent economist, Nouriel Roubini, told Barron's that 1,400 banks would fail during the current economic crisis. Investment bank RBC Capital puts the figure at 1,000. Since there is no way to know how large the deposits at any of these institutions are, the amount of exposure the FDIC faces is impossible to forecast. But, it will be more than the $22 billion prediction. If 500 banks fail, which are fewer than those that failed in the S&L crisis, the figure is probably ten times that...