The day of reckoning looms: Another wave of mortgage loan defaults is about to hit.
The loans are a problem now because an increasing number are hitting their 10-year anniversary, at which point borrowers usually must start paying down the principal on the loans as well as the interest they had been paying all along. More than $221 billion of these loans at the largest banks will hit this mark over the next four years, about 40 percent of the home equity lines of credit now outstanding.
For a typical consumer, that shift can translate to their monthly payment more than tripling, a particular burden for the subprime borrowers that often took out these loans. And payments will rise further when the Federal Reserve starts to hike rates, because the loans usually carry floating interest rates.
Read the whole article. The possibilities, especially for some large banks like Wells Fargo and Bank of America, are not good.
From the press release: From the moment he is handed a possibility of making the first alien contact, Saunders Maxwell decides he will do it, even if doing so takes him through hell and back.
Unfortunately, that is exactly where that journey takes him.
The vision that Zimmerman paints of vibrant human colonies on the Moon, Mars, the asteroids, and beyond, indomitably fighting the harsh lifeless environment of space to build new societies, captures perfectly the emerging space race we see today.
He also captures in Pioneer the heart of the human spirit, willing to push forward no matter the odds, no matter the cost. It is that spirit that will make the exploration of the heavens possible, forever, into the never-ending future.
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