Word: mortgagees
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That leaves the commercial mortgage-backed securities and other asset-backed securities that were once AAA-rated but have since been downgraded. Those toxic assets will be sold, Treasury hopes, by at least five still untested public-private investment funds that will be created through open bidding among investment banks...
Judging by current unemployment figures and mortgage delinquency rates the economy is getting worse as each month passes. According to TransUnion, a leading consumer credit reporting agency, mortgage loan delinquency, traditionally seen as a precursor to foreclosures, increased for the eighth quarter in a row. This statistic is up approximately...
As an example, many Mortgage Backed Securities ("MBS"), a species of ABS, became toxic following the collapse of the housing market. Like all ABS, MBS derive their value from underlying loans, in this case, mortgages. A large group of mortgages provides the payment stream to the holders of ABS in...
As a result of declining home prices, if a borrower defaults on their mortgage, market prices for the home would be less than the balance on the mortgage. However, since MBS derive their value from a pool of loans - typically thousands of individual mortgages - the default of some portion of...
So the message was delivered - though it was, one must say, a big shift from the last time Obama messed up the prime-time television schedule for a press conference. Six weeks ago, he had a different message: The nation was facing a financial abyss, he explained, and lots had...