Word: mortgagee
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I stood on the deck that day and watched one of the farmers who worked the watermelon patch, an older woman who would later introduce herself to us as Liu Yi, as she stared back at me across the river. I remember thinking to myself, My god, what must be...
But let's say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interest rates wipes out your advantage. "The...
Imagine a Las Vegas janitor and his schoolteacher wife facing rising housing prices and therefore considering refinancing their mortgage. They seek advice from a mortgage broker whose commission derives solely from the size of the loan he can underwrite. Naturally, the mortgage broker insists that he can get the couple...
More shamefully, at the broker’s persistent urging to exaggerate their income, the couple chooses to lie, claiming a baffling $300,000 combined income. The brokerage firm has a disincentive to check the couples’ income, and thus these inflated incomes become the basis for the new...
As if to acknowledge the toxicity of the new mortgage, the broker then sells off this debt to investment banks, which collect mortgages in bulk, securitizing them as collateralized debt obligations (CDOs). These CDOs are packages of mortgage-backed bonds, securitized from pieces of mortgages. As such, they can contain...