Word: mortgagee
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The website's archives go back to Oct. 7 and new photos of depressed traders are posted every day. Sad Guys on Trading Floors even comes with its own snarky, self-aware tagline: "Turning the economic crisis into one of those clever Internet memes." Too bad memes can't help...
Of course, plenty of large U.S. companies are still able to get loans. A number of banks, such as JPMorgan Chase and Wells Fargo, who were not hit as badly by losses in the mortgage market, say their lending business never slowed.
For companies that have loans that are coming due in the next few months and need to refinance, the continued credit crunch could mean they will be forced to file for bankruptcy or shut down. Bain's Rovit estimates that there will be 75 bankruptcies this year among companies with...
But ultimately, even lenders' best efforts might be crippled by a harsh reality: plenty of homeowners are never going to be able to pay for their houses, no matter how generous the terms, because someone - the homeowner, the mortgage broker - lied about or simply ignored income and assets. Cena Valladolid...
What's clear is that many homeowners are in the midst of an intense financial crisis. In a September 2008 survey by Campbell Communications, an outfit that works with the mortgage industry, property taxes were the third most cited reason people thought they might stop making mortgage payments, illustrating that...