Word: mortgagee
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The recent subprime mortgage crisis has closed the doors to American homes and hedge funds alike. The most commonly cited explanation for this is that an unforeseeable collapse in home prices forced homeowners to refinance their adjustable-rate mortgages at unrealistic rates, resulting in payment delinquency and outright default.
In a world of dizzying financial complexity, this explanation fails to address the numerous agents whose alleged irresponsibility and apparent greed set the stage for this fiasco. Mortgage borrowers, mortgage lenders, investment banks, credit rating agencies, and hedge funds all share the blame for this financial crisis.
But it will be an uphill push. The economy is headed for recession, fuel prices are high and the mortgage crisis is affecting a broad swath of the country. The improvement in Iraq may win some supporters back, but the war remains unpopular. And to the extent they take time...
Are you at all suspicious? Does it sound too good to be true? Here we are, plunging into a recession. The proximate cause is irresponsible mortgage loans made to people who can't pay the money back. The deeper cause is, at least in part, years of too much borrowing...
A few Republicans are embarrassed enough by this universal wisdom that they are making noises about paying for the stimulus by cutting government spending. Unfortunately, even if such spending cuts took place, which is unlikely, they would defeat the purpose of the stimulus. Bush, for example, proposes to pump about...