Word: mortgagee
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"It's the housing market, stupid." That's what an increasing number of policymakers and economists are saying as they push for widespread mortgage modifications as a way to address a root cause of the financial crisis. With more than 1.5 million houses in foreclosure (three times the normal rate...
In fact, mortgage lenders are jumping on the bandwagon. There were 79,000 such modifications in August, up 200% from a year ago, according to the industry-backed Hope Now Alliance.
Asia's recent troubles show how easily even the healthiest of banking sectors have been dragged into the international turmoil. Korea's banks have a mere $70 million of exposure to risky mortgage-linked securities, and nonperforming loans are at an all-time low. Still, Korea has been exposed to...
The mortgage brokers loved these new products because they ensured an endless stream of fees. They maximized their profits by originating as many mortgages as possible, with frequent refinancing. Their allies in investment banking bought them, sliced and diced the risk and then passed them on - or at least as...
2 Stem the tide of foreclosures. The original Paulson plan is like a massive blood transfusion to a patient with severe internal hemorrhaging. We won't save the patient if we don't do something about the foreclosures. Even after congressional revisions, too little is being done. We need to...