Word: mortgagees
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• "At this point, the troubles in the sub-prime sector seem unlikely to seriously spill over to the broader economy or the financial system." - in a speech on June 5, 2007 just months before the economy and stock market began to tumble as a result of the sub-prime...
Obama's focus at the White House was on bonuses for AIG's 370-person financial products division, the London-based unit largely responsible for the company's debacle involving bad bets insuring mortgage-backed securities. Overall, however, three separate, AIG-wide retention and bonus payments due to start later...
That's a chilling echo of what happened in the United States over the last decade. But there are important differences in the two markets. For one thing, Chinese by law must have "skin in the game." The absolute minimum down payment on a new house or apartment is 20...
The second whammy on Target's performance is its credit business. Target is one of the last major retailers to own a part of its credit-card portfolio. When consumers are drowning in mortgage and other credit-card debt, they often ignore retail-card obligations. Rising defaults and delinquencies have...
But sometime last year, the mechanism broke down. Investors backed away from all types of consumer credit after getting burned in the mortgage market. Less than $200 billion in asset-backed loans was securitized in 2008, down from an annual rate of a trillion dollars at the height of the...