Word: defaulting
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...with difficulty. Each state has its own laws about how the three steps of foreclosure--default notice, court judgment and sheriff's sale--are made public, and those rules weren't necessarily written with data aggregation in mind. This summer, Dallas County, Texas, started posting records online, but before that, the only way to get information on foreclosures had been to march down to the courthouse and scan the corkboard where filings were posted. Even that was hit-or-miss--people often ripped down the paper postings instead of jotting down the addresses...
...report released Tuesday, ratings agency Standard & Poor's says there are 140 large U.S. companies on its "Weakest Links" list of low quality debtors - the group "most vulnerable to default." That's up nearly twofold from the beginning of this year. Among the troubled firms on the agency's list are such household names as clothing retailer Eddie Bauer, amusement park operator Six Flags and pizza chain Sbarro. Also on the list are doughnut baker Krispy Kreme and mobile technology titan Palm, as well as a number of the nation's largest airlines, including JetBlue and the corporate parents...
There is little evidence, however, that they will succeed in the long run. In fact, most studies of what happens after loans are modified show that a big percentage wind up in default anyway. In one such study, the ratings agency Moody's looked at a group of subprime adjustable-rate mortgages modified in the first half of 2007. It found that by March 2008, only a third were either still current or had been fully paid...
...surprisingly, modifications that result in stressed homeowners paying more each month have a greater chance of winding up in default or foreclosure. A recent Credit Suisse report looked at modifications made to subprime loans in the last quarter of 2007 and found that 44% of loans with increased monthly payments were more than 60 days delinquent within eight months. What had a much better shot of working: reducing interest rates and principal. Only 15% of loans that had received an interest-rate reduction and 23% in which the principal balance had been reduced were more than 60 days delinquent after...
...current financial crisis is the result of house owners who defaulted on their bond repayments. The obvious reason for this is flatly ignored. The sharp increase in crude-oil prices shortly before the financial crises sucked cash directly from the pockets of the consumers, which then forced them to default on their bond payments. Strong action is taken against cartels in business worldwide, but not against OPEC. It seems to be untouchable. The OPEC members are probably using all the cash sucked from the consumers to buy up stocks of companies in the industrialized world at half price. Unless...