Word: mortgagees
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As it became clearer that the U.S. housing market was in an asset bubble, line managers could often see how slapdash the standards being employed were. But with compensation aligned with metrics like revenue and market share, and not risk mitigation, the forward push continued. When managers did articulate problems...
AUSTRALIA Drop in currency value since a year ago: 28% The Aussies' unoriginally named currency almost managed parity with the American dollar in recent years. Not anymore. The Down Under dollar now gets you only about 66 cents. But that opens the Land of Thunder's many delights to the...
Oddly enough, talk of a possible federal mortgage bailout is slowing deals. "Recently, a lot of the financial institutions have stopped accepting short sales to find out if the government is going to buy their loans that are in default. They're waiting to see what happens with the recent...
There are too many moving parts in the economy now to say when things might hit bottom. But what is in place--realistic pricing, some banks willing to deal and maybe a mortgage bailout--should provide some friction against a big slip. That should allow home buyers to take some...
In the past few weeks, Americans have watched helplessly as over $1 trillion of our nation’s wealth has simply disappeared; during the third quarter of 2008, the American economy actually shrank. Meanwhile, the subprime mortgage crisis and the total collapse of the investment banking sector have exposed...