Word: recentered
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...lending business," says Chase spokesman Tom Kelly. "We're not really equipped to be landlords." Lenders are sitting on nearly half a million repossessed houses nationwide, but getting rid of them quickly, even if that means taking a hit on price, seems to be the preferred response. A recent presentation by the head of Chase's retail-financial-services division showed that the company's servicing portfolio went from having about 52,000 repossessed homes in September 2008 to some 30,000 in September 2009. Over that period, the average price at which the firm sold houses from that stock...
...none of that means rent-backs won't eventually take off. There are plenty of examples in the recent past of housing policies starting at the federal housing agencies and later expanding industry-wide thanks to strong-arming from some combination of the Obama Administration and Congress. Loan modifications are the quintessential example. Perhaps one more relevant bit here is the law that was passed earlier this year requiring banks that repossess houses to honor the terms of existing leases (i.e., to not immediately kick out any existing renters). Fannie Mae already had such a policy in place. Over...
...current climate of dwindling job prospects and global economic meltdown, few can argue that what the universe could really use is a hefty dose of good old-fashioned awesome.Thankfully, the Boston-based Awesome Foundation for Arts and Sciences was assembled this June by, among others, several recent Harvard grads in order to help elevate any depleted levels of awesome in the world. The organization, comprised of ten trustees, awards a monthly grant of $1,000 provided directly, no strings attached, to the person whose idea the trustees deem unequivocally “awesome.”Unlike...
Filmmaker Jennifer M. Taylor started off her career with no formal training and a lot of “common sense.” Now a pro, the director has won an award at the 2009 Aljazeera International Documentary Film Festival for her most recent work “New Muslim Cool,” which was screened at the Sackler Museum on October 10. In the film, she follows the life of Hamza Pérez, a Puerto Rican-American rapper and former drug dealer who found his faith in Islam. FM had a chance to hear her dish...
...city blocks are not uncommon and even major incidents are not unheard of. A similar four-hour outage in 1999 left 60 million Brazilians in the dark. Computer hackers caused blackouts in parts of Espirito Santo and Rio de Janeiro states in 2005 and 2007, according to a recent and unconfirmed claim by CBS's 60 Minutes...