Word: mortgagees
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Dates: during 2000-2009
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We're not nearly out from under the subprime mortgage meltdown and already analysts are speculating about the next industry crisis, related to the little plastic cards in your wallet. With American Express becoming a bank-holding company this week in order to get low-cost funds and share in...
As with the auto industry in Detroit, some of the credit-card industry's current problems have been years in the making. Over the past decade, U.S. households have been loading up on debt, with credit-card balances rising 75% since 1999. Yet families' real wages have increased only slightly...
Increased use of securitization in the credit-card industry has fueled some if its growth. Over the past four years, seven of the biggest card issuers packaged more debt into securities, which they sold to investors, according to USA Today's assessment of banking records. But with credit-card defaults...
As the U.S. financial sector began to teeter in September, South Korea's government believed that it was in a far stronger position than a decade ago. Its financial institutions seemed sturdy, with a mere $70 million of those toxic mortgage-backed securities that doomed banks in the U.S., while...
2 | Washington Mortgage Modifications Help is on the way for hundreds of thousands of Americans facing foreclosure. Freddie Mac and Fannie Mae, which between them hold about 20% of delinquent U.S. mortgages, announced Nov. 11 that some customers will see their monthly payments adjusted to no more than 38% of...