Illustration: Chris Gash for Newsweek 

Last week’s banking news—the federal government stepped in to shore up mortgage-buying giants Freddie Mac and Fannie Mae and to take over the bad-loan dependent IndyMac Bank—left many consumers in a panic. But some experts see the intervention as an opportunity for folks to get their finances in order. “This is all good news for consumers,” says Kathleen Day of the Center for Responsible Lending, a Washington policy group. Here’s what the events mean for you.

• Mortgage shoppers: Last week’s actions may ease the supply of mortgage money, but qualifying for those loans remains a challenge. “The traffic has picked up, but only about half the people coming in are qualifying for a loan and having enough money to do the transaction,” says Marc Savitt, a mortgage broker from Martinsburg, W.Va., and president of the mortgage brokers’ trade group. At issue are higher fees and borrowing standards for anyone with credit scores below 680, a level that used to be high enough during the loan-pushing bubble. You’ll need to prove your salary and have enough cash in the bank to make a down payment as high as 20 percent. Start by checking your credit score at myfico.com, and do what you can to raise your score over 700 so you can get lower rates. Paying down some balances in a hurry or even raising your borrowing limits can sometimes bump up your score. Then cast a wide net for a lender that will give you the deal you like. “There are huge disparities on pricing from one side of town to the other,” reports Keith Gumbinger of research firm HSH Associates. “You can find pricing down in the 6 [percent range] and others up in the 8’s in the same city.” Check rates with a couple of local brokers, a national mortgage bank and at online sites like hsh.com. But don’t wait too long; interest rates are likely to rise.

Wall Street’s tumbling stock prices are falling particularly hard on one group of people: folks who were just about to collect their gold watches (or buyouts) and step into retirement. A bear market during the first five years of your retirement can doom the chances of your money lasting until you no longer need it, according to new research from T. Rowe Price. The firm is counselling investors not to retire if that means they have to start drawing down their investments and taking Social Security while the bear continues to grumble.

Every extra year of work and 401(k)-feeding can increase retirement income by 7 percent, according to new research from the firm. Even workers who stay at the job but stop putting away money will increase their retirement income by 4 percent a year. Furthermore, Social Security benefits get roughly 8 percent fatter for every year that you delay starting them. Combining all three: working longer, keeping up those retirement contributions and delaying Social Security can boost the purchasing power of a 62-year-old by as much as 30 percent.

By Christina Gillham 

Does the thought of dropping your child off at camp send you into fits of separation anxiety? If so, you’re not alone. The American Camp Association (aca camps.org) says it’s seen an increase in “kidsickness” from parents, whose intense relationship with their children makes it harder to let go. Here, some tips from Peg Smith, CEO of the ACA, on how to make your weeks alone easier:

• Choose a camp you feel comfortable with—one that meets your needs and matches your own philosophy and values. Confidence in the camp will put you more at ease.

• Know that separation is natural and necessary. Each new experience increases a child’s confidence. “Separation helps children develop independence,” says Smith. “It’s not only natural, it’s developmental.”

By Paul Tolme 

Growing concern about climate change has fueled a boom in sales of carbon offsets, which allow consumers to support clean-energy or reforestation projects that, at least in theory, remove as many greenhouse gases from the atmosphere as the donor contributes. While some cheer this growing market, others question whether consumers get what they pay for. Carbon offsets are unregulated in the United States. “The majority of offset retailers have good intentions, but it’s still a market where you have to do your homework,” says Katherine Hamilton of Ecosystem Marketplace.

Smart shoppers should look for offsets certified and audited by third-party organizations. These include the Gold Standard; Environmental Resources Trust; the Voluntary Carbon Standard, and the Climate, Community and Biodiversity Alliance. Buyers should also consult carbon-offset buyers’ guides published by the Tufts Climate Initiative (tufts.edu/ tie/tci/), Clean Air–Cool Planet (cleanair-coolplanet.org) and the Environmental Defense Fund (edf.org).

Spain has been making wine for centuries, but for most Americans it’s a relatively new source of exciting wines. Many of the country’s wine regions offer diversity for wine drinkers looking to broaden their horizons. Here’s a selection of well-priced reds and whites.

92 - $57
Bodegas Valsacro Rioja Dioro 2004
Rioja is Spain’s most famous red-wine region; this one shows ripe plum and smoky notes.

90 - $22
Viña Mayor Ribera del Duero Reserva 2001
Aromas of black cherry and mocha follow through to the palate of this jammy red.

89 - $15
Bodegas Muga Rioja White Barrel Fermented 2006
A subtle white, made from Viura, with herb, gooseberry and almond flavors.

Hear Buddy Guy, “Skin Deep.” The reigning king of Chicago blues, Guy slashes his way through “Best Damn Fool,” upstages Eric Clapton on “Every Time I Sing the Blues” and plumbs his roots on “Out in the Woods.” A highly personal affair that suggests this is his time after a while.

Rent “The Bank Job.” This thriller stars Jason Statham and femme fatale Saffron Burrows, two ex-lovers involved in a bank heist that’s about much more than money. Very satisfying indeed.

See “Home Delivery: Fabricating the Modern Dwelling” at New York’s Museum of Modern Art. Complete with five contemporary model homes, the exhibition highlights the prefab house’s centrality in the discourse of sustainability and architectural innovation (through Oct. 20; moma.org).

By Elisa Mala

Nineteen kilometers off the coast of Mexico's Yucatán Peninsula, Cozumel offers sundry excursions above and below the surface. Home to more than 40 Mayan ruins, ecological parks and reefs that charmed Jacques Cousteau, this one-town island is anything but sleepy. Among the most biodiverse on the planet, it teems with countless wildlife species and lots of lively locals. With a love of the Caribbean and a surname that means "bad" in Spanish, NEWSWEEK's Elisa Mala was thrilled to traverse both the wet and dry parts of the island.

Explore the cerulean waters of Chankanaab National Park ($16 per adult and $8 per child, cozumelparks.com). The name of this sprawling nature reserve derives from Mayan: "Chan" means "small" and "Kanaab" means "sea or ocean." It lives up to its name: Befriend colorful fish, urchins, crabs and submerged statues of Jesus and Mary without having to venture far from the shoreline. With a good eye, it's possible to spot barracudas, eels and small octopuses. Swimming with dolphins is also a possibility, though special arrangements need to be made. On land, iguanas, small lizards and birds find a home within the towering trees that crop up all over the lush, manicured gardens. Divers can explore the Felipe Xicotencatl shipwreck, which is located just offshore, before heading into deeper waters.

Though turtles, crocodiles and coral reefs live at Punta Sur ($10 per person; cozumelparks.com), the 1,000 hectares ecological reserve is an ideal playground for landlubbers. A whitewashed lighthouse greets visitors at the entrance and contains a museum dedicated to navigation -- it profiles buccaneers, explorers, Mayans and lighthouse keepers. Unless an hours-long hike in high heat is the intended goal, plan to bring a car or use the internal transportation system to coast through the park's five ecosystems, which include dunes and mangroves. A 40-minute catamaran ride along Columbia Sur lagoon is available for an extra $3.

Climb the steps of the San Gervasio ruins (cozumelparks.com), which served as the worshiping grounds of Ixchel, the Mayan goddess of fertility. Its name stems from a nearby cattle ranch founded by Gervasio Novelo on September 14, 1858. Even though the stone structures are replete with ancient etchings, no one is quite sure of what the Mayans called it.

Stroll through San Miguel de Cozumel, the island's sole town, to mingle with locals and get a true sense of life. Near the piers and shops along the main road, Avenida Rafael Melgar, the four-room Museo de la Isla de Cozumel provides a thorough account of the region's history and biodiversity (52-987-872-1475).

Dance if you dare at All Sports Bar (52-987-869-2246), which doubles as a salsa club after 10 p.m. Thursdays through Saturdays. On Sundays around sunset, locals gather in the center of town to mingle and sashay the night away.

Relax in seclusion under palm trees on the white-sand beaches of Isla de Pasión, a private islet off the coast of Cozumel that is accessible by a 10-minute boat ride (isla-pasion.com). The stunning scenery of this little-explored hideaway has served as the backdrop for many a wedding, but even the most hardened soul can find something to love.

 
Planting Time: Concerned about food standards, more people are growing their own vegetables
Taxi-Getty Images 

By Christina Gillham 

Yvette Roman and Fred Davis’s 1,300-square-foot front yard stands out from the grass lawns that are typical of their suburban Los Angeles neighborhood. Two large raised vegetable beds that contain colored rows of bell peppers, basil, parsley, purple cauliflower, two kinds of broccoli, onions, leeks, beets, four kinds of potatoes and three kinds of tomato plants dominate the yard. Climbing up a trellis are concord grapes, melons and pole beans. Near the driveway, there is another bed that holds tomatoes, tomatillos and Swiss chard, and Meyer lemon, tangerine and lime trees.

Roman, 43, and Davis, 44, started the vegetable garden just over a year ago (the backyard is reserved for their dogs and barbecuing) as a way to reduce their carbon footprint by eating locally and to ensure that their food supply was as healthy (read: pesticide-free) and as safe as possible. “Growing organically is super important to us,” says Roman. To read more about the Roman/Davis garden, log onto their blog.

Long a hobby among retirees, vegetable gardening is gaining popularity with a younger set of green thumbs. Many home growers are concerned about recent salmonella and E. coli outbreaks in store-bought produce and the widespread use of pesticides. “As we’ve gone toward a global food chain and away from local farming, a lot of people have become concerned about food standards,” says Robert LaGasse, executive director of the Garden Writers Association (gardenwriters.org).

By Paul Tolme 

Bicycle touring, a European obsession, is growing in popularity in the United States as more vacationers look for healthier getaways. “It’s a great way to explore the country,” says Dan Nidey, a 56-year-old Iowan and touring fanatic who plans to pedal from San Diego to Austin, Texas, later this year. “You smell the air, see the sights and feel the breeze.” Some tips for touring stateside:

The Adventure Cycling Association (adventurecycling .org) offers information and detailed maps for 21 rides, including the Green Mountains loop, which covers 373 miles through rural Vermont.

By Tina Peng 

Summer gymnastics and swim camps across the country are full of tomorrow’s Shawn Johnsons and Margaret Hoelzers, but where do future Olympic hopefuls go to train for the somewhat more exotic track and field disciplines, such as javelin and shot put? You might have to look a little harder, but there are clinics and coaches that offer beginners an introduction to these sports, too.

Javelin coach Erik Bernstein (erikbernstein.com) gives private lessons and group clinics throughout New Jersey. Bernstein, who usually has about 40 clients, says some of his students are high-school athletes who see the underrepresented sport as a shot at scoring an athletic scholarship to college. But he thinks interest in javelin is likely to surge after the Olympics air on television. “A lot of high-school kids aren’t aware of the event,” he says.

You’re an avid runner, and now Junior has decided he’d like to start, too. Is it OK? Sure, with a few caveats.

• Factor in age. Kids who run too much too soon can burn out. There’s no hard and fast rule, but try a mile or so for kids 9 to 13, one to three miles in junior high and three to five miles in high school, says Dr. Rebecca Demorest of the American Academy of Pediatrics (aap.org).

• Beware of overheating. Kids heat up faster than adults and don’t sweat as efficiently. Make sure they hydrate every 15 to 20 minutes.

• Don’t overdo it. Overuse injuries are common in repetitive sports. It’s not clear whether excessive running can harm growth plates, but use common sense.

Visit the Harley-Davidson Museum. Located on 20 acres in Milwaukee, the newly opened facility celebrates the cultural icon of the H-D motorcycle through exhibits, displays of vintage bikes and a life-size still-action re-creation of a 1920s board track (h-dmuseum.com).

Rent “Mon Oncle Antoine.” Often cited as the greatest Canadian film ever made, Claude Jutra’s 1971 marvel is a bittersweet coming-of-age story set at Christmastime in a snowy Quebec mining town. Criterion’s double-disc edition offers a restored, high-definition digital transfer. Not to be missed.

Surf BabyCenter, which has launched a new social-networking site for parents (community.baby center.com) that lets you share photos, blog, keep up with old pre-natal yoga buddies and meet new families with common interests.

 
Andre Lichtenberg

Two years after her 2003 divorce, Lisa Gentile took her daughter, Claudia, then 6, to Las Vegas. “Somebody told me how family-friendly Las Vegas had become,” says Gentile, 44, a legal specialist from Fanwood, N.J. The pair played by the pool and took a gondola ride at the Venetian, but the experience left Gentile feeling lonely for adult conversation. “When you travel with a child, children will always meet other children, but grown-ups do not necessarily meet each other,” she says.

On their next mother-daughter adventure, Gentile booked a getaway through Single Parent Travel (singleparenttravel.net). The Annapolis, Md., company offers group vacations for adults traveling alone with kids. Last summer, she and Claudia, now 9, spent a week at the Beaches Turks & Caicos resort ($2,767 for seven nights for one adult and one child, all inclusive) along with two dozen other single-parent families. “It was wonderful,” she says. Lisa and Claudia spent most days chatting and playing on the beach with other families, then meeting up again at night for dinner, a stroll or a variety show. They befriended a mother-daughter pair from their home state and have stayed in touch ever since. “The best part is the company,” says Gentile. “You’re meeting people you have something in common with, and their reason for being there is the same as yours.”

By Ron Givens

Sloe gin suffers from a smarmy reputation in the United States—harsh products used in saccharine drinks with lurid names. But now a world-class sloe gin has arrived from England, produced by one of the great gin distillers, Plymouth. Sloe berries—a kind of wild plum—are placed in straight gin, where they infuse the spirit with a wondrous combination of flavors (plum, blackberry, cherry, marzipan, cloves) and lend a rich burgundy color. Plymouth may revive the sloe-gin fizz as an amazing summer refresher (with or without the creamy froth that comes from using egg whites). For something different, try this delicately fruity cocktail:

Rent “Baby It’s You.” Twenty-three-year-old Rosanna Arquette burns up the screen in this story of a smart, ambitious Jewish girl from New Jersey and the sharkskin-wearing townie she loves. This honest, class-conscious depiction of high-school life in the late ’60s is one of John Sayles’s best, and least-known, movies—and it’s never been available on DVD before.

Hear “The Day Is Brave” by Brendan James. His compelling lyrics, soothing tenor and piano virtuosity make this debut album a stunning listen. Highlights include “Green,” a sweet musing on a former girlfriend ($13.98).

Surf pollinator.org. Due to bad environmental practices, pollinating species like bees and butterflies are being threatened. To encourage their proliferation, this Web site offers a downloadable planting guide that tells you which plants are best for encouraging a pollinator-friendly habitat.