Word: mortgagee
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Strapped consumers have long prioritized paying their mortgage before their credit cards. Losing your house, after all, was seen as worse than losing the ability to spend more than what was in your bank account. But falling housing prices, loan-modification programs and restricted credit have changed the calculus of...
"This is a fundamental change that has occurred in this recession," says Keith Leggett, a senior economist at the American Bankers Association (ABA). "It will have a lasting effect on who is able to get a mortgage in this country." (See how to plan for retirement at any age.)
In a 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...
At issue are the misleading tactics that banks used to lure first-time homebuyers. First-time homebuyers aiming to fulfill the American Dream of owning a home were not irrational in their decision to sign a contract for a home whose mortgage they clearly could not afford. The transaction occurred...
Creating multiple linked fate communities for the sake of financial recovery will be tough. But if defaulting on a mortgage hurts the local bank, which in turn hurts the local businesses and the community as a whole, then all parties will be much more meticulous when it comes to making...