Word: defaultations
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...combined value of first and second mortgages can be no greater than 115% of the current value of the home. The new monthly payment cannot exceed 31% of the homeowner's income. Investors in the loans would clearly take the up-front hit, but the risk of future default on the modified loan would be transferred to the government...
...latest initiatives are aimed at slowing the steady stream of homes that are headed toward foreclosure. The number of households receiving foreclosure filings, which includes default notices, auction-sale letters and bank repossessions, was 2.8 million in 2009, up from 2.3 million in 2008, according to Rick Sharga, vice president of marketing for RealtyTrac. He expects filings to increase to 3 million this year...
Treasury Assistant Secretary Michael Barr says the principal-reduction program is voluntary, not mandatory, and that there's no guarantee homeowners will not default on the new refinanced loans. "We don't want to be overly optimistic about that," said Barr during a briefing on Friday. "Modifications are hard - they're done for people who are struggling with their mortgage, and so you expect a lot of people not to make it - and a lot of people won't make it." However, he says two-thirds of the people in the government's present loan-modification program are current...
...seems like its the default response to anything the [Ad Board] sees,” Jeff says. “But there was just a real failure to engage with the causes of [the original problem...
...tough bill would face long odds. The money and power of the financial industry would be arrayed against it. There would be so many arcane moving parts - How much authority for the Fed? Should end users be exempt from derivatives regulation? Should something be done about naked credit default swaps? - that reaching consensus by August would be challenging even if everyone wanted it. And it's not clear that anyone is desperate to have it; there probably won't be another meltdown this year, and Democratic leaders may be content to let Republicans block reform so they can blast them...