Word: debt
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...plan, servicers, the companies that collect mortgage checks, will be paid $1,000 every time they cut the interest rate on a loan to reduce the monthly payment to no more than 38% of a borrower's gross income. The government will split the cost of reducing the debt-to-income ratio further than that, down to 31%. Both servicers and borrowers will be paid up to $1,000 a year (for three and five years, respectively) for keeping the loan current...
...earlier effort to spark loan rewrites proved to be a flop, but the Administration thinks this new program could reach 3 million to 4 million homeowners. The plan also includes an endorsement of the idea that Congress might change the bankruptcy code to let judges write down mortgage debt - a not-too-subtle reminder that if the mortgage industry doesn't play ball with voluntary modifications, a more imposing solution could be around the corner. (See pictures of Americans in their homes...
...plan was to max out on leisure, binge on self-gratification until I could take it no more," writes Ayres in his comic satire, the satire part of which is more satisfying than the comic. As a portrait of pre-recession, debt-financed, image-obsessed Los Angeles, Death By Leisure is spot-on in its details, though the British writer succeeds in making the city sound like the worst place in America, full of status-obsessed grifters like himself. Whether it's sneaking into Michael Jackson's Neverland Ranch or finagling his way into a studio exec bash, Ayres simultaneously...
...xenophobic Congressional leaders in Washington could be. Then Beijing's sovereign wealth fund got suckered by Wall Street sharpies. It poured $3 billion into Blackstone in return for a 10% stake in the New York-based private equity firm in 2007, just before the bottom fell out of global debt and equity markets. One private equity banker in New York says the investment is today "worth about half of what they paid, if they're lucky." (See pictures of TIME's Wall Street covers...
...compelling from China's standpoint that there are likely more to come. Both Rio and Oz Minerals have been crushed by the global recession's effect on demand for what they produce. Both have seen their value plunge as a result, and now labor under enormous debt burdens. Rio's stock price peaked at $552 a share last spring, then fell to a 52 week low of $55. The stock last traded at $112 on the New York Stock exchange. Oz Mineral's stock price hit AU$0.55 when trading was suspended in December. Minmetal's will...