2007年VOA标准英语-US Mortgage Defaults Rise Sharply, Driving Stoc

By Mil Arcega
Washington
15 March 2007
 
watch Arcega report

The recent downtrend in U.S. stock prices is being blamed on nervous investors¹ - in particular, those who are worried about mortgage companies' financial difficulties, especially the problems facing so-called sub-prime lenders – those who offer home loans to people with poor credit.  Those worries peaked Tuesday to push the Dow Jones Index down more than 240 points, the second biggest plunge² in four years.  Many homeowners facing sharply rising loan payments also are in trouble.  VOA's Mil Arcega reports.

 
Rick Sharga 
With mortgage rates rising and house prices falling, experts say as many as one and one-half million Americans could lose their homes.  Rick Sharga, with RealtyTrac, a company that provides information on real estate trends, says foreclosures are at an all-time high – up 42 percent since 2005.

"It's almost a perfect storm if you are a homeowner who is in distress³ right now,” Sharga says.  “Because you are seeing housing values go down in parts of the country, so the house might not be worth what you paid for it."

The Foleys are among the thousands of homeowners on the brink⁴ of losing their homes.  The couple refinanced at a low interest rate to free up money for medical bills.  But when interest rates went up, Marilou Foley says, their $1,700 monthly payment doubled. 

"I've been packing, because I'm waiting any minute to get the bad news," she said.

Analysts⁶ say during the housing boom when interest rates were low, borrowing by homeowners with little cash and poor credit more than tripled between the years 2000 and 2006.  Ivy⁷ Zelman, with investment banker Credit Suisse, says foreclosures were bound to happen.
 
 
Ivy Zelman 
"Home prices were surging, and everybody was drinking the Kool-Aid, and life was good, and the guys were making tons of money on the mortgage business, and people were making money, investors were flipping⁸ [buying and quickly reselling, for profit] houses," she said.

But when the housing market cooled, so did the lenders who were doling⁹ out loans to high-risk or sub-prime borrowers.  On Tuesday, New Century Financial, the second-largest lender of sub-prime mortgages, ran out of money and said it could no longer afford to make loans.  Sharga expects there will be more.

"There have been between 25 and 35 companies who have either gone out of business or have announced plans to go out of business,"  she said.

As a result, federal regulators are expected to push for tougher lending criteria¹⁰ for mortgage lenders.  Melody Hobson, a financial news analyst⁵ for ABC News says that could lead to further declines in the housing market. 

"It certainly isn't good for the economy,” she says.  “Homes have really been holding up this economy, particularly with home equity¹¹ loans, where people have leaned on using their house.  That's drying up."

Economists¹² say the fall in the housing market could lead to job losses, forcing many Americans to cut back on spending, which some say could push the U.S. economy into a recession.

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 plunge   

v.跳入，(使)投入，(使)陷入；猛冲

参考例句：

• Test pool's water temperature before you plunge in.在你跳入之前你应该测试水温。
• That would plunge them in the broil of the two countries.那将会使他们陷入这两国的争斗之中。

3 distress   

n.苦恼，痛苦，不舒适；不幸；vt.使悲痛

参考例句：

• Nothing could alleviate his distress.什么都不能减轻他的痛苦。
• Please don't distress yourself.请你不要忧愁了。

4 brink   

n.(悬崖、河流等的)边缘，边沿

参考例句：

• The tree grew on the brink of the cliff.那棵树生长在峭壁的边缘。
• The two countries were poised on the brink of war.这两个国家处于交战的边缘。

5 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

6 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

7 ivy   

n.常青藤，常春藤

参考例句：

• Her wedding bouquet consisted of roses and ivy.她的婚礼花篮包括玫瑰和长春藤。
• The wall is covered all over with ivy.墙上爬满了常春藤。

8 flipping   

讨厌之极的

参考例句：

• I hate this flipping hotel! 我讨厌这个该死的旅馆！
• Don't go flipping your lid. 别发火。

9 doling   

救济物( dole的现在分词 )； 失业救济金

参考例句：

• "What are you doling?'she once demanded over the intercom. 有一次他母亲通过对讲机问他：“你在干什么？ 来自英汉非文学 - 科学史
• Many scrollbars are quite parsimonious in doling out information to users. 很多滚动条都很吝啬，给用户传递的信息太少。 来自About Face 3交互设计精髓

10 criteria   

n.标准

参考例句：

• The main criterion is value for money.主要的标准是钱要用得划算。
• There are strict criteria for inclusion in the competition.参赛的标准很严格。

11 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

12 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》