Word: lender
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...governments agreed to inject $16 billion into an ailing Fortis, laid low by ongoing uncertainty in global credit markets. In return for the lifeline, each of the three Benelux governments took a 49% share in Fortis' banking units in their own countries. The part-nationalization of Belgium's biggest lender, which, with a worldwide staff of 85,000, is Europe's largest to be bailed out so far since the credit crisis began. It was a last resort, coming after all efforts to flog the bank or its parts to rivals amounted to nothing. Fortis agreed to dump the once...
...stock index dropped 2.3% Monday after the French government nearly halved its 2009 growth estimates to 1% - at least one factor might limit the damage to a degree. In the course of the last 15 years, which saw a boom in France's real estate values, no lender would grant credit to an applicant with more than a 33% debt-to-income level. French banks have also always favored fixed-rate mortgages over more enticing but perilous variable-rate loans. The French real estate market is slowing, but the more prudent approach of French banks lessens the prospect of foreclosures...
...naked short selling, the aggressive practice of betting on a stock's fall without first borrowing shares. But that did nothing to quell widespread speculation about which struggling financial institution would be the next to disappear. British bank Lloyds was in talks to buy beleaguered U.K. mortgage lender HBOS. Washington Mutual, the U.S.'s largest thrift, put itself up for auction, and Wells Fargo and Citigroup might be interested, according to reports. Morgan Stanley appeared to be on the table too. There were murmurs the investment bank was holding conversations with Charlotte-based bank Wachovia. Chinese conglomerate Citic Group, owner...
What happens if my mortgage lender runs into trouble...
...mortgage fails, your loan, along with all others, will be assets in a bankruptcy proceeding. Chances are, some bank will come along and buy the loans, and then you'll have to mail your mortgage payment to a new address. That's it. The callable mortgage--in which a lender can demand its money back--pretty much ended with the Great Depression...