Word: mortgagee
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That was one remarkable result of the surge in subprime mortgage loans to borrowers with iffy credit records. The other remarkable result is that it is ending really badly--in a wave of foreclosures that could, at worst, cost billions, throw millions of people out of their homes and cause...
In early March, Boston College management professor Alicia Munnell gave a lecture at Yale on pension policy. "I was there, talking about retirement things," Munnell recalls, "and somebody looked at me and said, 'Are you responsible for the collapse of the subprime market?'" The question wasn't entirely out of...
Munnell's work propelled her into a big job in the Clinton Administration and led to new legislation and regulations aimed at pressuring banks to increase their presence in poor and minority neighborhoods. These new laws had the desired effect: home ownership among minorities, and Americans in general, began to...
What happened? Declining global interest rates left investors searching for anything that would pay higher yields. Eager to oblige, Wall Street investment bankers devised ever cleverer ways to package ever riskier loans into high-yield securities. And mortgage lenders came up with ever more creative loan terms to attract customers...
Japan's proverbial reputation as an easy target for promoters is not, to be fair, entirely deserved. One of the great pleasures of being based in Tokyo is the fact that you can catch a great cutting-edge international rock, hip-hop or electronic music act on any given weekend...