首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
In hindsight one of the worst things about America’s subprime housing bust is how predictable it was. Subprime borrowers were by
In hindsight one of the worst things about America’s subprime housing bust is how predictable it was. Subprime borrowers were by
admin
2015-05-24
55
问题
In hindsight one of the worst things about America’s subprime housing bust is how predictable it was. Subprime borrowers were by definition people of limited means with poor credit histories. Yet economists who have looked at the pattern of payments on subprime mortgages point out that even when house prices topped out and then began to fall, not all subprime borrowersdefaulted. Only a minority of borrowers abruptly ceased to make payments, as someone choosing to default would.
More typically, payments went from being regular to being erratic: borrowers fell behind, then became current again, only to fall behind once more. Those patterns are indicative of people trying, but struggling, to keep up with their payments. A trio of economists set out to find out what differentiated those borrowers who did not keep up with their payments from the rest Their answer, according to a new working paper from the Federal Reserve Bank of Atlanta, is simple: numeracy.
The economists tracked down a large number of subprime borrowers in New England on whom they already had detailed information, including the terms of their mortgages and their repayment histories. These borrowers were then subjected to a series of questions that required simple calculations about percentages and interest rates.
Even accounting for a host of differences between people—including attitudes to risk, income levels and credit scores—those who fell behind on their mortgages were noticeably less numerate than those who kept up with their payments in the same overall circumstances. The least numerate fell behind about 25% of the time. For those who did best on the test, the number of payments they missed was almost 12%. A fifth of the least numerate group had been in foreclosure (the creditor taking possession of a property because the money has not been repaid), but only 7% of those who were more numerically adept had.
Surprisingly, the least numerate were not making loan choices that differed much from their peers. They were about as likely to have a fixed-rate mortgage as the more numerically able. They did not borrow a larger share of their income. And loans were about the same fraction of the house’s value.
Stephan Meier, one of the study’s authors, reckons that the innumerate may be worse at managing their daily finances, leaving them with little room for manoeuvre when things get difficult. Those better at sums might, for instance, have put a bit more aside in more plentiful times. Normally, such differences might not matter much. But in bleaker circumstances, a small pot of savings may be all that stands between homeownership and foreclosure.
Which of the following is the best title for the text?
选项
A、Numeracy might explain
B、Save early, save wisely
C、How to handle the crisis?
D、The erratic pattern of payment
答案
A
解析
主旨大意题。考查全文。本文在提供了一系列研究结果的基础上,提出计算能力是影响还款者还款模式的重要因素,故A项为答案。
转载请注明原文地址:https://kaotiyun.com/show/4N74777K
0
考研英语一
相关试题推荐
Inthe1960spopwasayoungperson’sbusiness.Buttodayageisnobarriertosuccess.TheRollingStonesarestilltouringin
EveryonecomplainsthatcorporateAmericais【C1】______tohireadditionalworkers.Far【C2】______attentionhasbeenpaidtothefl
Writeanessaybasedonthefollowingtable.Inyourwriting,youshould1)describethetable,and2)giveyourcomments.Yousho
PoorPeopleAlsoCanHaveaLawsuitinAmericanAmerica’scourtsarebuiltonasystemofrulesandproceduresthatassumet
NewToolstoResearchEarthquakeOnDecember16th,1811,theresidentsofNewMadrid,Missouri,werestartledoutoftheirb
McKinsey’sResearchPaperAboutReducingGreenhouseGasesMcKinseyReportonReducingGreenhouseGases:TheUnitedStatesco
Reagan’sPoliticalPurposePoliticalplatformsareusuallywrittenforelectioncampaignpurposes,thenquicklyscrappedaft
Anindustrialsociety,especiallyoneascentralizedandconcentratedasthatofBritain,isheavilydependentoncertainessent
Everyprofessionortrade,everyart,andeverysciencehasitstechnicalvocabulary,thefunctionof【C1】______ispartlyto【C2】_
随机试题
刀具齿槽铣削是形成___________的加工过程。
中标人违反规定将中标项目的部分主体、关键性工作分包给他人的,()。
C注册会计师负责对丙公司20×7年度财务报表进行审计。在考虑重要性和审计风险时,C注册会计师遇到下列事项,请代为作出正确的专业判断。下列有关审计重要性的表述中,不正确的是()。
严格控制公文数量,简化行文手续,其主要措施是()。
竖起大拇指,希腊人用来表示()。
战略咨询委员会是由中国移动通信集团公司邀请()、国内外知名经济法律学者、电信业知名人士和电信技术专家组成。
物质文明和精神文明的关系是()。
以下哪种教育研究方法是从自然科学中引用过来的?()
某企业2012年年末的资产负债表如表2-3-1所示。分析历史资料发现,销售收入与流动资产、应付账款成正比。企业2012年度销售收入2000万元,实现净利润100万元,支付股利70万元。预测下年度销售收入3000万元,销售净利率比2
对于语句cout<<setfill(’*’)<<setw(10)<<1<<setfill(’*’)<<setw(2)<<2;的输出结果是
最新回复
(
0
)