Word: mortgagee
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I have a mortgage with Washington Mutual - or Wachovia - and now I see hear talk about those companies, too. Should I be worried?
No. You still have a house, and you still a mortgage to pay. Back in Depression-times, mortgages were often callable. If the lender needed its capital back, it could force you to pay off your loan. But we don't do that anymore with mortgages (for good reason).
If a bank that holds your mortgage goes belly up, your loan, along with all the others it made, will be assets in a bankruptcy proceeding. What's most likely to happen is that some other bank will come along and buy the loan, and then you'll have mail...
But this time we've been fed not one, but a series of promises that aren't worth the subprime paper they were printed on. First, there's the one about the price of real estate never going down. It got repeated so often that even banks and mortgage lenders...
Perhaps no one figured that subprime mortgage holders were 10 times as likely to enter into foreclosure as people who made downpayments and could document their ability to pay. "This poor performance in the subprime market calls into question the capabilities of lenders, securitizers and investors to reliably estimate peak...