Word: mortgagee
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Leverage was the mother's milk of Wall Street - and of Main Street - for the past 20 years. Leverage meant debt, specifically the number of dollars you could borrow for every dollar of wealth you had. It meant borrowing other people's money to invest in something you wanted to...
The great risk, as consumers like Calderon cut their spending, is that bad economic news begets more bad news. Bernanke recently called this the "adverse-reaction loop": as consumers spend less, the economy weakens more, unemployment rises, mortgage foreclosures increase, putting more pressure on the financial system, and on the...
Among the nonwealthy, the two assets that typically need to be divided are 401(k)s and the family residence. But suddenly 401(k)s aren't worth as much, and that home whose mortgage was the mother of all argument starters is not an asset at all. It can...
But as more people started using RealtyTrac data to understand the downturn, a backlash took hold, largely because of the company's method of counting the three steps of foreclosure separately; the numbers, critics said, were wildly inflated. One of the protests came from Kathi Williams, director of the Colorado...
But the influence of RealtyTrac goes beyond shaping public-policy responses like the one in Virginia. The company winds up having sway over the very concept of foreclosure rates. Early on, members of New York's task force thought the best way to look at foreclosure rates would be as...