Word: mortgagees
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"The other day," Wagoner says, "I had a visit from a corporate executive who moved to town and bought a house." Which should be fine; a big wheel need not fear a big mortgage. But this guy's one strike was moving from Florida, where the real estate market is...
The valuation of a mortgage bond like Jupiter is a white-hot argument. Most Wall Streeters agree that a large number of such bonds--amounting to hundreds of billions of dollars, perhaps trillions--are worth far less than their stated, or par, value. How much less is central to resolving...
A look at Jupiter shows how hard that can be. Jupiter owns 223 other mortgage bonds. One of those bonds is Mantoloking, which in turn owns 126 other bonds. Not done yet. Mantoloking's mortgage bonds own hundreds of other mortgage bonds. Those mortgage bonds are then all made up...
But the sound doesn't provide much refuge. Work on No Line on the Horizon began in 2007, when the band decamped to Morocco with Brian Eno and Danny Lanois, the men who oversaw U2's 1980s transformation from anthem singers to makers of textured, daring rock. As a hedge...
The toughest question of all may come down to which banks actually stand a chance of returning to health. Bank regulators have embarked on "stress tests" of the 19 largest banks to determine that. But it's not clear how exacting the tests will be, and to be honest, nobody...