Word: mortgagee
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Treasury Secretary Tim Geithner had every reason to think he had seen all of AIG's dirty laundry. The government owned 80% of the company, and Geithner had just orchestrated AIG's most recent handout - its fourth, if you are keeping score, for $30 billion on March 2 - to prevent...
Securities-lending is supposed to be a sort of Christmas club of high finance. Companies like insurers, which own tons of equities and Treasury bonds that they are holding long term, lend them out short term, often overnight, to borrowers who need the shares to fulfill other commitments. For instance...
Freddie lost $1 billion more on bonds tied to short-term loans made to Lehman Brothers. Like Lehman, that investment went belly up. Then there are all the houses it has to repossess as people stop paying their mortgages. The company now owns about 30,000 homes. Maintaining these houses...
TIME's article on foreclosure was heartbreaking. How is it that some people pay more to pamper their dogs than other people pay for their mortgage? Also, how does one pay $800 a month for health insurance yet still owe $15,000 in medical bills? I think this story uncovers...
Welcome to the SEC Circus I was incensed after reading your article on the lack of accountability and oversight at the Securities and Exchange Commission [March 9]. Thousands of hardworking people lost their jobs and homes as a result of the incredible nonfeasance, misfeasance and probably malfeasance of Christopher Cox...