Word: mortgagees
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Then in late March, the bank became the first major lender to say it would reduce loan balances of homeowners who owe more than their property is worth. Most other banks have only been willing to lower interest rates. Writing down loan balances for such "underwater" homeowners, while costly for...
We all know that if we don't pay our mortgage, our home can be foreclosed on. We know that if we don't make our car payments, our car will be impounded. But I bet not every small-business owner fully gets that if you sign a personal guarantee...
Every year, millions of business owners agree to put their personal assets on the line. "Even a business with a solid balance sheet may be required to have a personal guarantee," says Therese Franzén, an Atlanta lawyer and chair of the American Bar Association's consumer-financial-services committee...
Steve Eisman knew that calamity would eventually come. The hedge-fund manager bet big against the subprime-mortgage market and won. So did Mike Burry, a social recluse who began investing at night during his medical residency. Jamie Mai and Charlie Ledley, two 30-somethings who started trading in a...
Rick Sharga, vice president of marketing for RealtyTrac, is cautiously optimistic that the program will help slow foreclosures. "One of the things that's prevented more success on these [loan-modification] programs is, we've had a principal-balance problem, and this program, on the face, would seem to resolve...