Word: mortgagee
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Like the broader Making Home Affordable housing plan announced on Feb. 18, the new effort involves the Federal Government giving money to mortgage servicers when they lower homeowners' monthly payments - and to borrowers when they keep paying their loans and don't walk away.
Preserving jobs - even if the alternative is losing them - can be demoralizing in certain ways too. For top execs, a cut may mean it's time to dial back on the trips to St. Bart's. For line workers, who've probably calculated exactly how much mortgage and college tuition...
? As acting chief financial officer of mortgage giant Freddie Mac, David Kellermann, 41, struggled with his company's being placed under conservatorship because of a $50 billion loss in 2008. Kellermann was found dead April 22, an apparent suicide.
The past includes bad mortgage loans, collateralized debt obligations and all manner of other lunkheaded lending decisions. It was also characterized by a 15-year decline in the net interest margin, a core measure of bank profitability that is the difference between what banks pay to borrow and what they...
Make no mistake: the agencies have taken major losses. In March, Freddie reported a $50 billion loss for 2008, nearly half of which came in the fourth quarter. Those losses, Freddie says, were driven largely by rising mortgage defaults and the falling value of derivatives used to protect against things...