Word: payments
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...Republicans on the committee were highly unimpressed by the performance of the Detroit Three, openly questioning why the government shouldn't let them fail, if that was what was needed to bring costs down, and whether the proposed $25 billion in bridge loans wasn't simply a down payment. But several noted that Ford is at the head of the class. "My sense is that Ford has done a better job," said Senator Bob Corker, who added that "GM is spiraling downward and in serious trouble" and that Chrysler "barely has a heartbeat." He then called on Ron Gettelfinger, president...
...ransom. Yet the threat of falling prey to pirates has not deterred shipping companies. Though some have changed their routes to avoid the Gulf of Aden, with the global economic downturn threatening to drive down demand for their services, they appear willing to risk the occasional ransom payment in order to stay in business. Nor are they transferring the cost to customers. Tony Mason, secretary-general of the London-based International Chamber of Shipping, says the pirate attacks have not pushed shipping rates significantly higher...
...guaranteed that there will be a market for their products even if oil prices drop. • Construction of a new "smart" electric grid to deliver the power generated by wind, solar and geothermal plants in rural areas to the major population centers. This would be a down payment on the $400 billion over 10 years that Al Gore has estimated the new grid will ultimately cost - although, Gore says, the savings in energy efficiency could pay for the grid in three years. The new smart technology would figure out the cheapest and most efficient times to run everything from major...
...details of how, exactly, monthly payments will be lowered has raised concern in certain quarters. In a news conference explaining the program, James Lockhart, who runs the agency that oversees Fannie and Freddie, highlighted three tacks: reducing interest rates, extending the length of loans and, in some cases, deferring payment on part of the principal. There is a big difference, though, between permanently reducing an interest rate and doing it temporarily. And the new program doesn't forgive principal, only defers it, which may not go very far at a time when some 18% of mortgage holders owe more...
...then there is the question of moral hazard, a continual refrain in dealing with almost every aspect of the housing and broader financial crisis. In order to target the most at-risk borrowers, the new program only kicks in once homeowners have missed three mortgage payments. Even though the program intends to exclude people who stop making payments just to get a modification, there is a concern that homeowners will be incentivized to do so. "They're saying to everyone out there, don't make your mortgage payment, be 90 days late, and then we'll help you," says Bruce...