Word: mortgagee
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General Motors is getting an even bigger boost. After GM collected $9.4 billion in federal loans last month, its finance arm GMAC, which GM jointly owns with Cerberus Capital LLC, got a Treasury Dept loan of $6 billion. GMAC has been hammered by both the sharp decline in sales of...
A few years ago, Fair Isaac produced a chart predicting the odds that a borrower with a certain credit score would default on a mortgage. For example, it predicted that a loan to a borrower with a 680 score had a 1 in 144, or 0.7%, chance of becoming delinquent...
The bottom line for consumers: next time you rush to pay your mortgage on time, mail your phone-bill payment as well.
Companies that provide so-called alternative credit information say their business is booming, even as the rest of the lending industry continues to shrink. Banks once sought out such information as rent-payment histories to assess whether to lend to individuals who lack a credit score because they may never...
Unfortunately, those predictions proved too optimistic. According to mortgage-data tracker First American LoanPerformance, banks have already foreclosed on or are in the process of foreclosing on 1.5% of the mortgages originated in the last three months of 2007 to individuals with credit scores between 660 and 720. And those...