Word: mortgagees
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Lenders are rethinking their reliance on credit scores. In the past year, an increasing number of banks have begun turning to court documents, phone bills and other nontraditional ways of measuring creditworthiness to bolster their lending decisions. The shift comes at a time when the financial industry is suffering from...
"The experience we have seen in the past year only reiterates that you need to do more than just look at a credit score when making a loan," says Larry Goldstone, chief executive of Thornburg Mortgage. "We have never had as much confidence in credit scores as the rest of...
Ponzi wasn't the scam's first practitioner; that was probably a New York City grifter named William Miller, who fleeced investors out of $1 million--more than $20 million in today's dollars--in 1899. The cons have since grown: a Florida church netted $500 million in a 1990s...
Mail deliveries, like hemlines, always drop in economic downturns. But the current pinch is worse than usual. One reason: the housing and financial sectors were once gold-star postal customers, but since their cash flows have slowed to a trickle, their direct-mail marketing campaigns have all but dried up...
Now comes the murkier part: Many assets - particularly those that unregulated hedge funds can trade - are not as liquid as stocks, so they do not always have a definite price on the market. Since a fund reports unrealized gains, it could easily get away with inflating profits. More specifically, the...