Word: mortgagee
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The current trouble can be traced back to disturbances in U.S. mortgage markets, especially in the so-called subprime market sectors, where default rates have been rising sharply. As problems have graduated from little-known U.S. homebuilders and finance companies to brand-name commercial and investment banks, public alarm has...
What, exactly, does that mean? Let's start, first, with what we do know: financial institutions are asking a much higher price to lend their money to those who would borrow it than they were just a little while ago. In some cases, they are not willing to lend it...
But the core of this is, as Barings' Khiem says, a lack of information. It all started as a problem that seemed both predictable and containable: U.S. borrowers with bad credit history started (surprise, surprise!) defaulting on their mortgages. But that meant trouble for more than just the mortgage company...
Up to now, the booming housing markets in Los Angeles, San Diego and Orange counties had barely felt the chill that hit Miami and Denver from rising inventories, declining prices and slowing sales. But this week's spate of gloomy housing data included ominous reports from the West Coast. Led...
Bill Santoro, a broker with National Realty Group, has watched the end come for many clients, and it isn't pretty. "Once those introductory rates end, all of a sudden between the mortgage, the new car note and the big charge card payments, there's not enough money in the...