38-00-80, 52-11-16, 8-905-337-04-12   lng.vpi@yandex.ru 
    г. Волжский, ул. Энгельса 42А,
                                                                  Корпус "А" Волжского политехнического института, кабинет № 30 
  г. Волжский, 30 мкр., ул. 40 лет Победы,80
                                                                          крыло ВПИ в здании шк. №34, аудитория 1-04А

Assignment for 2011-11-14

Reading

Read the article story at: http://www.economist.com/node/17257787

Language focus

with its own “-gate” suffix — In the USA there was a large scandal which lead to the resignation of president, due to the fact that the spark in the scandal was the break-in to the Watergate office complex in Washington DC it is now known as “Watergate scandal”.

repossession — An act of taking away somebody's property when the mortgage payments have not been made.

affidavit — A document that is signed under the oath that is similar to the one given in court before the testimony.

Questions

  • How many people actually had to move out of their homes when they have made the payments?
  • Did this scandal benefit the banks of the investors?
  • Where does this article make a suggestion that the incorrect paperwork was done wrong on purpose?
  • What is a “robo-signing” problem?

Write a two paragraph essay explaining your opinion about what has happened. It does not have to be an essay on economy, you can chose any aspect related to this story.