Word: mortgagee
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One way being discussed to do that is for the government to share in the losses if a servicer modifies a mortgage and the homeowner again defaults. Another approach is to directly help pay for the cost of the modification. The servicer might cut monthly payments to 38% of a...
To a homeowner who has always made mortgage payments on time, perhaps by sacrificing spending elsewhere, the whole concept may seem grossly unfair. But society's problems are unfortunately often our own. As the foreclosure rate has skyrocketed, and loan defaults have rippled from subprime mortgages into ones made to...
At that point the original mathematical projections for the performance of mortgage-backed paper began to sharply diverge from what was actually happening. With the cash flow from many mortgage pools dropping quickly, the derivatives based on them began to lose a tremendous part of their value. The paper became...
Someone who took out a subprime loan in 2003 is the "patient zero" who began the great recession. In financial models, he was supposed to pay his mortgage for ten years and then sell his home. When his mortgage reset in 2006, he defaulted. The flow of his payments into...
Where was the recession's "patient zero" from and what were his financial circumstances? Based on where the real estate markets began to decline and where the most subprime loans where made, he was a client of Countrywide. He got a $250,000 mortgage five years ago, He did not...