Word: goodness
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...good news, relatively speaking, is that these loans are very concentrated: about 75% of all option ARMs were written in California, Florida, Arizona and Nevada, with the vast majority of those in California. In that way, the option-ARM problem is localized. People living in Phoenix, Las Vegas and California's Inland Empire, which have high concentrations of option ARMs, can expect to see renewed downward pressure on home prices. But the trend won't spread nationally...
...problem with option ARMs begins with the fact that people who took out these loans were given the chance to make ultra-low payments for the first few years - and many of them did exactly that. Borrowers, mostly middle- and upper-class with good credit scores, were allowed to make payments that didn't even cover the interest owed (let alone the principal), with the understanding that payments would spike later on to make up for the shortfall. That allowed people to buy bigger, more expensive houses than they would have been able to qualify for otherwise. Plenty of families...
With the housing market as it is, borrowers will find few good alternatives for rescue should they run into trouble. The traditional response of refinancing into a more affordable loan is off the table for many homeowners, considering that property prices have plummeted. More than 85% of option-ARM holders owe more on their loan than their house is worth, a situation known as negative equity or being underwater. Typically, a refinance is impossible without the borrower having at least 20% equity in a house...
...after the Pudding’s umbrella organization was founded—an aging Benjamin Franklin watched with wonder while the world’s first hot air balloon ascended into the sky above an enthralled crowd on the Champs de Mars in Paris. “But what good is it?” someone called out, to which Franklin famously replied: “What good is a newborn baby...
...everyone backs the no-to-orphanages philosophy, of course. Referring to the Idaho missionaries, an American Christian missionary who helps run an orphanage in northern Haiti told TIME this week, "You can't let a few misguided people like them cast a shadow over the genuinely good work others are doing with Haitian children...