Word: mortgagee
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If more currently outstanding mortgages default, won't the problem just keep going on and on? Yes, that's a big part of the concern at Treasury and the Fed. That economic trouble emanating from the financial system will cause even more people to fall behind on their mortgage payments...
Are we all just supposed to trust that mortgage lenders and Wall Street types have 'learned their lesson' and will not continue to exacerbate the problem (or find ways to create new ones)? What safeguards are/will be put in place so that derivatives of the type that got this mess...
If these so-called securities are 'mortgage backed' and the mortgages are in default, would the money be better spent just buying up the mortgages themselves instead of the securities? And re-negotiating mortgage rates to make it more likely that homeowners can pay down their mortgages and hold on...
As for renegotiating mortgages, a new program goes into effect tomorrow (it was part of the housing bill passed over the summer) that uses up to $300 billion in FHA guarantees to encourage mortgage servicers to move people out of adustable-rate subprime loans into fixed-rate loans with lower...
Is there any chance that any of the bailout money will be recouped? Yes. Mortgage-backed securities are still, you know, backed by mortgages. They're worth something--and in some cases more than what the feds would pay for them.