Word: mortgagee
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Walk into Steve & Barry's sprawling New York City store, and a perplexing sign greets you: DUE TO LIMITED SUPPLY AND TO BE FAIR TO ALL CUSTOMERS, STARBURY FOOTWEAR IS LIMITED TO TEN PAIRS PER PERSON, PER DAY. Yeah, right. Ten pairs of quality, star-endorsed basketball shoes? Don't...
And so we have our first big-game catch of the 2007 housing slump and credit crunch. On Oct. 30, Stan O'Neal resigned his post as CEO of Merrill Lynch after reporting that his firm would suffer a $7.9 billion hit to the value of its assets...
But riffling through details obscures the larger force at work--capitalism's cold efficiency. What Wall Street does is raise money to throw at innovation. Creating liquidity in mortgage markets so that more people can buy houses is not so unlike funneling billions to Silicon Valley in the 1990s to...
Professional journalists and Harvard academics debated the media’s ability and responsibility to predict economic trends during a discussion about financial reporting at the Institute of Politics yesterday. In light of the recent subprime mortgage crisis and the dot-com bubble burst, the four panelists shared their perspectives...
There is one meaningful difference this time though. While several mortgage firms have gone under, the banking industry is on track for what Kovacevich guesses will be its third or fourth biggest profit year ever. "The reason for all that is diversification," he contends. Banks that used to be pinned...