Word: loaning
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Dates: during 2000-2009
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...Late last year, Zachery told me, he received an invitation from the company that services his mortgage to apply for a loan modification. He has a 30-year, fixed-rate mortgage at 8.99% interest, at a time when the Federal Reserve is trying to push rates below 5%. But after faxing his paperwork and waiting for several weeks, Zachery received the same invitation again. Evidently his application had been lost. Zachery's documents had vanished in a flood of urgent requests for mortgage relief. So he sent his materials a second time, but instead of an answer from the service...
...real estate bubble. At that time, in 2005, her 3,000-sq.-ft. house was appraised at $185,000; she now owes about $159,000 on it. Real estate agents have advised her that she could not sell it for more than $145,000. Her debt is actually two loans, the larger of which was recently modified from an adjustable rate to a fixed-rate note at 9% interest. The second loan charges over 10%, and the two payments combined are slightly more than $1,400 per month. (Read: "How Stressed Is Your Bank...
...brutal game, though, in which a single strike makes you a loser. And that brutality explains another strain of anger beginning to bubble up from the newly bankrupted. People like Paula Stevens and Joseph Zachery weren't flipping houses or lying on their loan applications. They didn't pile up mountains of credit-card debt. They worked hard for what they had and shared their modest portions with others. Each readily admits to making occasional mistakes with money, but even Warren Buffett has made occasional mistakes with money. Their bitterness stems from a feeling that they've held up their...
...were concentrated in four big banks, one-third of all banks lost money in the fourth quarter, and only 36% reported year-over-year increases in quarterly earnings. The banks are clearly bracing for more bad news, setting aside more than 50% of their operating revenue to cover possible loan losses...
...economic meltdown. Each of them chairs a committee with oversight of banking and housing, the two sectors that got us into this mess. Each of them blocked attempts at tighter controls over Freddie Mac and Fannie Mae. Even more outrageous was Dodd's acceptance of a VIP loan from Countrywide. These two characters ought to be No. 1 and No. 2 in the lineup. Tim Grosscup, VILLA PARK...