Word: fico
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...part of the program has tight restrictions: homeowners must be current on their mortgage payments, live in the home, have a FICO score of at least 500 and qualify for a standard FHA-backed loan once the principal is reduced. Those who get a modified loan must make full monthly payments for three years for the principal to be reduced permanently. The high standards for these loan modifications suggest that the Administration hopes to head off another wave of loan defaults and foreclosures by providing help earlier in the process...
...Fico has backed Slota's patriotic act, but now says he prefers to delay its implementation until Sept. 1, a move analysts view as a way of mitigating public outrage before elections scheduled for June. But the legislation already seems to have done enough pre-election harm. "This law makes Slovakia look ridiculous," says Eliska Slavikova, a 57-year-old elementary school teacher. "And it's returning us to the 19th century...
...Slota isn't the only politician behind the patriotism drive - the left-leaning populist Prime Minister, Robert Fico, has also resurrected Meciar-era nationalist rhetoric during his four years in office. He recently called for a fundraising drive to erect a statue to Prince Svatopluk, a leader of the 9th century Great Moravian Empire in central Europe who has become a central figure in the government's push toward establishing Slovak heroes. Fico also triggered a heated debate when he described the nation's ancestors as "old Slovaks" -an attempt to demonstrate that the country has a deep and respectable...
...identifying lending-industry situations in FICO Score Trends that to our knowledge have never been seen before," said Mark Greene, CEO of FICO, in the report. "Economic instability is creating unknown risk in lenders' credit portfolios as well as counter-intuitive trends in consumer behavior...
...recent study of credit trends, FICO - maker of the loan-scoring system most widely used by banks - found that among people with high credit scores, consumers were more likely to default on their mortgage than on credit-card or auto loans. In fact, borrowers with a 700-709 score, which is about the middle of FICO's range, were 25% more likely to default on their mortgage loan than on their credit-card commitments. That's a shift from just two years ago, when the opposite was true. (See the best business deals...