Word: mortgagees
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Dates: during 2000-2009
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Don't be fooled. The Bush Administration's deal with lenders to get them to freeze interest rates on some adjustable-rate subprime loans isn't really about rescuing lots of homeowners. It's mainly about buying some time for mortgage servicers, Wall Street firms and investors around the world...
But the specialized nature of modern mortgage markets - in which banks and mortgage brokers make the loans, investors buy them, and servicers collect the monthly payments - can make workouts complicated, and right now the system is overwhelmed by the sheer number of loans running into trouble. A study by Moody...
Of the mortgages that went into foreclosure in the third quarter, 43% were adjustable-rate subprime loans, even though those make up only 6.8% of all outstanding loans. It is precisely these subprime ARMs, most of which came with low "teaser" rates that later reset to much higher rates, that...
His current focus--what's becoming known as the Paulson Plan, although it was first floated in October by Federal Deposit Insurance Corp. chair Sheila Bair--is an effort to get lenders and loan servicers to freeze interest rates on some of the 2 million subprime mortgage loans that are...
This is the boldest move yet from an Administration that had been tentative in its response to the mortgage crisis, and the plan has drawn fire from two directions. Free-market types say it's a bailout for the irresponsible, while nonprofit groups that work with borrowers fear it won...