Word: mortgagee
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To bring in more home buyers, lenders began offering mortgages with only a cursory scrutiny of the borrow's qualifications. Many of these loans - including subprime mortgages going to people with weak credit - had low starting interest rates that would rise over time. ? Subprime mortgages as a percentage of...
? Source: Inside Mortgage Finance
In decades past, the trouble would end with a borrower in default and a bank foreclosing on the home. But today few banks hold onto mortgages until they are paid off. Most loans are bundled together and sold as mortgage-backed securities. ? Mortgage delinquency rate
? Source: Mortgage Bankers Association
The new owner of the mortgages can use them as collateral to issue bonds to finance other deals. Money from thousands of homeowners covers the interest payments on those bonds. To attract investors, the bonds are rated by risk groups, called tranches (the French word for slices). The more secure...