Sharon Jordan (lower left) and her family (clockwise from top left: Rydell, Nikera and Anisha) are working with Bank of America and a Boston nonprofit to repurchase their duplex at its current market price — about half of the original value.
Credit Aarti Shahani / NPR
Elyse Cherry is chief executive officer of Boston Community Capital, a nonprofit that is buying homes at market value and reselling them to current homeowners at a slight mark-up, so the homeowners can actually afford payments.
There's an unfamiliar trend emerging in America's troubled housing market. Big banks are volunteering to lose money — hundreds of millions for themselves and investors — in order to save homes at risk of foreclosure. And they're doing it in record numbers.
The year closed with a new trend: In 30 percent of private loan modifications, banks are doing a principal writedown — that is, hacking away at the amount owed as far down as the current market value. They're doing it so borrowers can actually afford payments. Two years ago, that 30 percent was just at 2 percent.
A picture released by the official website of Iran's Revolutionary Guards on December 8, 2011 shows Iranian Revolutionary Guard, Brig. Gen. Amir-Ali Hajizadeh (R) looking at what Iranian officials claim is a U.S. RQ-170 Sentinel high-altitude reconnaissance drone that crashed in Iran on December 4.
Originally published on Mon December 12, 2011 6:02 pm
The United States is officially asking Iran for the return of a drone surveillance aircraft lost earlier this month.
"We have asked for it back. We'll see how the Iranians respond," President Barack Obama said during a White House news conference with Iraqi Prime Minister Nouri al-Maliki on Monday.
Secretary of State Hillary Rodham Clinton, speaking at a State Department news conference, told reporters that the U.S. had "submitted a formal request" for the craft's return, but that "given Iran's behavior to date, we do not expect them to comply."
Mitchell Zuckoff is a professor at Boston University and the author of Lost in Shangri-La.
I taught my last class of the semester the other day. Inevitably, my students — all of them journalism majors and most of them seniors — hijacked the lesson plan to vent their hopes and fears about what awaits them after graduation.
This happens every December, and each year I do my best to calm and encourage them, to let them know it's OK to be worried but it's not OK to despair. I give them what I've come to consider my pre-commencement address.