Word: lowes
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...Most economists blame the collapse of the credit markets which began the recession on a drop in US housing prices and devaluing of subprime mortgage-backed securities. The Wall St. experts who created these financial instruments failed to predict how quickly low-quality mortgages would default to some extent because the national value of housing had gone up for decades. But, as defaults did rise, the value of these derivatives cascaded and the banks and other institutions which held them were required to take massive losses. At Davos, Russian and Chinese leaders attacked the U.S. for the "failure" of regulators...
...mortgage default rates, especially among subprime mortgage holders, began to climb at an unprecedented rate. Many home loans had been given to people without even a credit check or income verification. The mortgages often carried very low interest rates in their first three years which reset to much higher numbers after that period. Homeowners found their monthly mortgage payments spiking up and, in many cases, they could no longer afford to make these payments as employment fell across the economy...
When The Big Three CEOs were making their initial pitch for federal funds in early December, the chief economist at Moody's Economy.com said that the car companies were "low balling" their needs. He testified at a House hearing and said that the amount of the bailout would have to be $75 billion to $125 billion...
...trying to stay aggressive and take what the defense gave me,” Lin said. “They had to respect [junior forward] Doug [Miller] down low and had to respect our shooters so the mid-range was wide open and I was able to find a rhythm and take advantage...
...vote marked Iraq's second provincial elections, which determine the makeup of provincial councils that in turn elect regional governors. The political stakes in the vote were low compared to politicking at the national level. But the election took on added importance in the eyes of American and Iraqi officials, because it offered a chance for Iraq's Sunni minority, who boycotted the 2005 provincial elections, to rejoin the political process in areas where they have strong numbers such as Anbar and Diyala province. Election day was also seen as a key test for the Iraqi security forces, which staged...