Word: defaulters
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...Congress and Treasury may save the U.S. banking system and rescue mortgages which would normally go into default and move toward foreclosure. The programs may all look perfect on paper. In reality, it has become clear that when the issue of who will actually make the programs work comes up, there are not enough qualified people to go around...
...problem. In December, the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) issued a report showing that at national banks and federally regulated thrifts, nearly 37% of homeowners were 60 or more days behind on their payments six months after receiving a modification. That re-default problem has received much attention as the national conversation has turned toward the idea of taxpayers standing behind modifications. "You wouldn't want the government to be on the hook for someone who borrowed a lot more in credit-card debt, or what have you, and then couldn't make...
...modifications it tracks. "People are concerned about the effectiveness of loan modifications, which is very troubling to us," says Iowa attorney general Tom Miller, who has been dealing with servicers as head of the 17-month-old State Foreclosure Prevention Working Group. "If they're bad modifications and people default at a higher rate, it's not surprising. But that shouldn't be used to cast doubt on all modifications...
...Someone who took out a subprime loan in 2003 is the "patient zero" who began the great recession. In financial models, he was supposed to pay his mortgage for ten years and then sell his home. When his mortgage reset in 2006, he defaulted. The flow of his payments into the mortgage pool stopped. The differential between the real world and the Wall St derivative model moved off center by a fraction of a millimeter. Another person within the same pool defaulted the next day, and quickly the mortgage pool lost the financial yield characteristics that it was supposed...
...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...