Word: mortgagee
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When England's century-old Northern Counties Permanent Building Society merged with the Rock Building Society to become Northern Rock in 1965, it's hard to imagine it was too troubled by the health of the U.S. mortgage sector. But times change. The tight squeeze in the global credit markets...
Forecasters are, as a group, notoriously bad at predicting inflection points, so you shouldn't take this dire talk to the bank just yet. At the Economic Cycle Research Institute, an outfit with a good record of at least noticing when recessions have begun, the indicators still point toward growth...
THAT A REAL ESTATE BUST MIGHT LAND US IN a recession is in a way fitting because it was a real estate boom that kept the last recession, in 2001, so brief and shallow. Trying to stave off deflation in the wake of the stock-market crash, Alan Greenspan's...
The main reason for the boom's doom was that in the nation's San Diegos, double-digit annual price increases put most homes out of the reach of middle-income buyers. The mortgage industry and its funders on Wall Street responded with laxer lending standards and creative loans (no...
But most of the country's big metro areas are caught in the downdraft. With mortgage lending now very much a national business--and a troubled one--real estate may not be as local as it used to be. It may not even be national: house prices have been rising...