Word: jumbos
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Dates: during 2000-2009
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Then there is the financing issue. The federal government has done a lot to try to keep interest rates low - like buying up mortgaged-backed securities from Fannie Mae and Freddie Mac - but loans over a certain size are often exempt. The rates on "jumbo" loans (generally those that run about $417,000) have historically been about .25 percentage points higher than on regular mortgages. That spread jumped all the way up to 180 basis points last fall, according to data-tracker HSH Associates - but has since settled down to about 100. Still, that's a big added expense. Plus...
...rich during a recession can almost be as bad as being poor. The only difference is that the rich have more to lose. RealtyTrak, a research firm that follows mortgage trends, recently reported that the foreclosure rate on homes valued at more than $729,750, also known as the jumbo-mortgage limit, rose 127% in the first ten weeks of this year compared to the same period a year ago. Bloomberg, reports that "about $500 billion of prime-jumbo mortgages are bundled into bonds, according to Memphis, Tennessee-based FTN Financial." The default rate on those bonds may rise...
...Terry Sanderson, the society's president, says the group started the online de-baptism initiative five years ago to mock the practice of baptizing infants too young to consent to religious rites. Their web site invites visitors to "Liberate yourself from the Original Mumbo-Jumbo that liberated you from the Original Sin you never had" and allows them to print out a paper certificate that uses quasi-formal language to "reject baptism's creeds and other such superstitions." But in recent months, as tens of thousands began to download the certificate, organizers realized that they had struck a chord with...
...their jobs, as many now are, Freddie is going to lose money. But only a quarter of Freddie's red ink, or about $13 billion, comes from mortgage-insurance woes. The firm took a larger hit from its investment in mortgage-backed securities tied to subprime, adjustable-rate or jumbo mortgages. By law, Freddie isn't allowed to insure against losses on those types of mortgages, in part because they are riskier. But it bought securities tied to those home loans anyway - which it is allowed to do - to capture the higher rates of return that those mortgage bonds offered...
...This is all sort of legal mumbo-jumbo betraying the damage that Harvard has done to this neighborhood,” said Harry Mattison, an Allston Task Force Member. He added that the neighborhood has always been “sort of the stomping ground for non-desirable uses...