Word: problem
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...problem with a people-powered movement is that eventually the people want a say. John Rosinski, an engineer in Orlando, Fla., always believed in the you-centered philosophy of Barack Obama's campaign. So he and more than 22,000 other supporters who banded together on Obama's website were furious when the Illinois Senator, despite their petition, voted July 9 for a bill that would allow the Bush Administration to continue its program of wiretapping without warrants, a measure Obama once swore he would filibuster. To Rosinski, that's apostasy. "I really don't know right...
...Federal Housing Administration (FHA) to entice lenders to renegotiate up to $300 billion in troubled home loans. It might do some good, and the fact that Frank can't bring himself to say more may have less to do with the legislation itself than with the immensity of the problem Congress is trying to address...
...problem is that, from 2003 through 2006, mortgage lenders extended trillions of dollars in loans that they never should have made, driving house prices to unsustainable levels in many areas. Now millions of borrowers can't make their payments, prices are plunging, and the global financial system is finding out how dependent it had become on dodgy U.S. mortgages...
...main such effort has been a voluntary deal announced last December by Treasury Secretary Hank Paulson in which mortgage lenders agreed to freeze interest rates for certain subprime borrowers. But thanks to the Fed, high rates on adjustable-rate loans are no longer the big problem. The big problem is that 9 million U.S. homeowners owe more than their houses are worth; they're upside down, in the parlance, meaning that if foreclosures are to be slowed, the mortgages themselves must shrink...
...does it really matter to voters if the numbers don't add up? Not necessarily, argues former Republican Congressman Vin Weber, an influential conservative voice. In a time of economic anxiety, "voters want to know the candidate, first of all, understands the seriousness of the problem, and second of all, they have to believe there's a commitment to change." Weber says what voters listen for are "big signal issues...