Word: mortgagees
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Dates: during 2000-2009
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The U.S. consumer binge has been fueled not by rising incomes but by rising debt, especially mortgage debt. "People can't spend 200% of their income on mortgages," says Stiglitz. The only way for this to continue was for house prices to keep rising. Then, shock of shocks, they stopped...
But bad news may not be over on Wall Street. On Tuesday, Bank of America announced that its fourth-quarter profit tumbled 95%, largely due to a $5.44 billion trading loss driven by write-downs of collateralized debt obligations, the often mortgage-related securities creating havoc on banks' balance sheets...
In London, you could almost smell the panic. "There's an acrid stench of fear," says David Buik at London brokers BGC Partners. The list of those investors' worries is growing. Despite a $150 billion package of tax cuts and other economic stimulus unveiled by President Bush last Friday, a...
Amid such a "serious credit crisis," says Buik, stock markets will only remain immune to genuine credit market volatility for so long. But the plunging share prices offered another kind of correction: that growth in Asia isn't enough to protect its markets against the effects of a U.S. recession...
Florida will also test their messages in a different way. It is the biggest, most diverse battleground they have encountered. The state also is feeling increasingly anxious about the economy, suffering from the subprime mortgage meltdown, an insurance crisis and a 49% surge in the number of unemployed in 2007...