Word: mortgagees
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A short walk from the site of the one-time cesspool, Lewis Calado's well-kept home, with its bushy pot plants and white flowering tree out front, stands out on a grotty housing estate littered with boarded-up properties. Life on the estate has improved in recent years, he...
Here's where things start to get interesting: A lower price translates into a high potential return for an investor. When the loans were made, an investor who bought them at "par," or the dollar value of the loan, could expect a return of around 7%. That's a more...
The problem is that $0.70 is still less than the $0.91 average banks are holding loans on their books. The Treasury Department has said that PPIP program could buy up to $1 trillion in "legacy" banks loans and other debt. That suggests banks could lose up to $210 billion on...
But if loans start trading more regularly because of the government's PPIP program, the banks would have submit those loans to so-called mark-to-market rules. That means the banks would have to take a write-down not just on the mortgage loans they sell, and get cash...
Larson left HMC in 2004 with a $500 million initial investment from Harvard to start his own hedge fund, Sowood Capital Management. But Sowood collapsed in 2007 due to heavily leveraged investments in corporate debt—making national headlines as one of the first high-profile hedge fund implosions...