Word: mortgagee
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'I've seen this movie before, and [it] always ends up in some form of recession.' ANGELO MOZILO, head of struggling U.S. mortgage giant Countrywide Financial, on the dim prospects for improvement in the country's housing market
The last big mortgage debacle, the savings-and-loan crisis, was made mostly in Washington. The S&Ls were required by law to borrow short (via savings deposits) and lend long (via 30-year, fixed-rate mortgages). When that led to big losses in the inflation-racked early 1980s, Congress...
This year's mortgage crack-up comes with a different story line. It was made not in Washington but in the strip-mall offices of mortgage brokers and on the trading floors of Wall Street. The general rule this time around has been that the farther away from the prying...
(3 of 5) By the time midsummer rolled around, the negative stories had crowded out substantive ones about Edwards' proposals, so most primary voters didn't know he had been leading the debate on domestic policy. He was the first to present a credible plan for universal health care. (Obama...
Sarkozy has long understood that to a French society perpetually concerned about unemployment, economic optimism is everything. And that is why Sarkozy has advanced his reform program this way: submit to a little pain now in exchange for far more gain from freer markets in the future. The problem is...