Word: creditably
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...pools were cut into tranches with each tranche carrying a probability of how many mortgages in it would pay out to maturity and how many would fail. After these calculations were made, they were sold to banks, brokerage firms, and other financial institutions as high-yield paper. The major credit agencies gave these securities "Aaa" ratings based, in part, on the fact that nationwide home prices had not dropped in any year since The Great Depression. The notion that pools of subprime mortgages could be rated "Aaa" under any circumstance is astonishing. (See who's to blame for the current...
...mortgage default rates, especially among subprime mortgage holders, began to climb at an unprecedented rate. Many home loans had been given to people without even a credit check or income verification. The mortgages often carried very low interest rates in their first three years which reset to much higher numbers after that period. Homeowners found their monthly mortgage payments spiking up and, in many cases, they could no longer afford to make these payments as employment fell across the economy...
...mortgage five years ago, He did not have to put a nickel down to get the loan. The value of real estate in Stockton, California, where he bought his home had been rising at 10% a year for four years. He was a good credit risk not because of his income but because the value of the asset he bought was bound to go up 100% by the end of this decade. Two months after his mortgage reset in 2006, he lost his job. He was in default less than 90 days later...
...possible that amid the current credit crisis, banks have been unwilling to lend money for this trading operation. More likely, though, is that there is limited access to infrastructure for storage. A bank or hedge fund with no such infrastructure has to jump an enormous barrier to entry in order to set itself up for storage - apparently to the point of leasing supertankers...
...been wrongly charged for a piece of weighty baggage is to keep your cool. Don't lash out at the airline representative. You can ask to have your bag weighed on a different scale, but if you still get hit with a fee, pay it with a credit card, then call your credit-card company and let them know you plan to dispute the charge. You should also file a grievance with the airline...