Word: loaning
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...credit-rating agencies, of all things. The main credit raters - Moody's and Standard & Poor's - had blithely assigned top-drawer AAA and AA ratings to all sorts of hinky mortgage securities and other financial esoterica without understanding the risks involved. Would you know how to rate a collateralized loan obligation? Or commercial-mortgage-backed securities? Sophisticated investors took Moody's and S&P's word for it, and it turned out that the agencies didn't know what they were doing. Credit raters, who claim to offer only opinions, are party to Wall Street's cycles...
...company that holds your 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...
...taxpayers in the hole for $29 billion, to the August bailout of Fannie Mae and Freddie Mac—an action the Bush administration had repeatedly denied it would take in the past few years —to this week’s announcement of an $85 billion loan for AIG, the Federal Reserve has offered a steadying hand in our current financial crisis. Though one might argue that the explicit mandate of the Federal Reserve is to maintain growth and control inflation, no two goals are more closely wedded to the economic well-being of the average worker...
...Harvard economists had mixed views on the Federal Reserve’s Tuesday bailout of insurer American International Group, Inc., in which the government will effectively take control of AIG with an $85 billion loan...
...interest whatsoever in tightening financial regulation, and at the Federal Reserve Alan Greenspan was if anything even less interested. The Fed had the power to impose stricter mortgage lending rules even on non-banks, which it finally did earlier this year - banning, among other things, the making of loans "without regard to borrowers' ability to repay the loan from income and assets other than the home's value." Greenspan, though, rejected pleas from his Fed colleague Edward Gramlich to crack down earlier...