Word: mortgagee
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Sources: A.P.; BBC; JPMorgan Chase; A.P.; New York Times; Financial Times Numbers Sources: A.P.; Mortgage Asset Research Institute; Wall Street Journal (2); BBC; EADS Astrium; A.P.; Economist Intelligence Unit
With Bear shareholders virtually wiped out, half the firm's employees slated to lose their jobs and no golden parachutes offered to the top executives, it wasn't a bailout. But it did take a $30 billion loan from the Fed to seal the deal. This was a truly extraordinary...
But a decade and a half of good times in real estate seemed to lull many buyers of this paper into ignoring risk completely. Ever since investors began discovering to their horror early last year that it is in fact possible to lose money on mortgages, the market for mortgage...
Nevertheless, all those mortgages that started the problem are still worth something. House prices are headed downward, but they're not headed to zero. What turned a simple price decline into a crisis that killed Bear Stearns was the way many financial firms (hedge funds and investment banks, especially) generate...
Several big hedge funds had already been driven out of business by such lender squeezes, starting last summer with two mortgage funds run by Bear Stearns. But Bear itself still turned a small profit in 2007. As late as the first week of March this year, there was no reason...