Word: borrower
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Dates: during 2000-2009
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...last big mortgage debacle, the savings-and-loan crisis, was made mostly in Washington. The S&Ls were required by law to borrow short (via savings deposits) and lend long (via 30-year, fixed-rate mortgages). When that led to big losses in the inflation-racked early 1980s, Congress encouraged thrifts to grow their way out of trouble, in part by financing commercial real estate, with disastrous results...
...venerable skeleton, which is about 40% complete, normally resides in a vault at the Ethiopian National Museum in Addis Ababa. To borrow her, HMNS agreed to pay the Ethiopian government an undisclosed fee - estimates range from $300,000 to several million dollars - plus part of the proceeds from ticket and museum-store sales, money that the government has promised to Ethiopian museums. Ethiopian officials are also hoping that Americans who come to see Lucy in Houston or on tour might come to see Ethiopia too. But scientists say that argument is wrongheaded. "People will go to Ethiopia to see Lucy...
...count this money when we tot up our net worth. If you don't want to sell your house, you can borrow against its rising value. Nowhere is the real estate insanity of recent years more vividly on display than in the market for second mortgages. Lenders hawk them like patent medicines in the 19th century, as a cure for all your ills...
...bring in more home buyers, lenders began offering mortgages with only a cursory scrutiny of the borrow's qualifications. Many of these loans - including subprime mortgages going to people with weak credit - had low starting interest rates that would rise over time. ? Subprime mortgages as a percentage of all mortgage originations...
...core, the entire process is based on using borrowed money (home mortgages) as collateral to borrow more money (mortgage-backed securities) to borrow yet more money (CDOs), and hoping the payment chain doesn't break. Once home-mortgage defaults rise, the whole system can unravel...