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
2015-10-20
3
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 borrowers defaulted.
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://jikaoti.com/ti/HLe7FFFM
0
考研英语一
相关试题推荐
Workhardandgetahead.That’swhateveryAmericanlearnsgrowingup,butformillionsofthem,it’sgettinghardertotellthe
"TheessentialqualitiesofatruePan-Americanism",remarkedFranklinRooseveltin1933,"mustbethesameasthosewhichcons
UnwillingnesstofacedeathisIntheauthor’sopinion,Americansrefusetodwellontheideaofdeath
StrangethingshavebeenhappeningtoEngland.Still【1】fromthedissolutionoftheempireintheyears【2】WorldWarⅡ,nowtheEn
Itisallverywelltoblametrafficjams,thecostofpetrolandthequickpaceofmodernlife,butmannersontheroadsarebe
Thequestionofwhereinsightscomefromhasbecomeahottopicinneuroscience,despitethefactthattheyarenoteasytoindu
Ifthereisonethingscientistshavetohear,itisthatthegameisover.Raisedonthebeliefofanendlessvoyageofdiscove
Ifthereisonethingscientistshavetohear,itisthatthegameisover.Raisedonthebeliefofanendlessvoyageofdiscove
HadJudybeenmorecarefulonthemathsexam,she______muchbetterresultsnow.
LikealotofearlessNewYorkers,Iamgenerallyconfusedbyburstsofpopulistoutrageoverhighgasprices.ButIhavealways
随机试题
足太阳之脉终绝,可见()(1996年第77题;2000年第77题)
学校社会工作者在开展小组工作时,考查与预估阶段应遵循的原则是()。
简述护理人员的职业防护措施。
使用价值、交换价值、价值三者之间的关系是()
患者,男,24岁。食用海鲜后,突发皮肤瘙痒难忍,可见散在分布的大小不等、形态各异的淡红色风团,边界清楚,此伏彼起,伴脘腹疼痛,恶心呕吐,舌红苔黄腻,脉滑数。其治疗除主穴外还应选用
商业银行按照()可以分为个人贷款和公司贷款。
(1)靠近暗堡(2)把爆破筒塞进暗堡的射击口(3)背起冲锋枪(4)拉着导火线(5)抱着爆破筒跳出战壕(6)向暗堡匍匐前进
固定成本是指在一定的范围内不随产品产量或商品流转量变动的那部分成本。与固定成本相反,变动成本是指那些成本的总发生额在相关范围内随着业务量的变动而呈线性变动的成本。根据上述定义,下列属于变动成本的是:
在分布式数据库系统中,逻辑数据库被划分成若干片段,其中按投影操作来分片的称为
ReadthetextbelowabouttheWeblifestyle.Inmostofthelines(34-45),thereisoneextraword.Itiseithergrammaticallyin
最新回复
(
0
)