Word: mortgagees
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Mortgage bonds used to be the stars of finance. Home loans, after all, have a lot going for them: the vast majority of people, even today, make their mortgage payments on time. What's more, mortgage bonds are made up of thousands of home loans, giving them safety through diversity...
Look under the hood of a bond called Jupiter High-Grade CDO V, and you can understand why we're in trouble. Bankers from the 1970s, when mortgage bonds first took off, would hardly recognize Jupiter. Unlike a traditional bond, Jupiter's underwriter does not buy people's mortgages, collect...
The federal government has a small operation called the Office of Thrift Supervision, which, among other things, keeps track of mortgage defaults. It defies common sense, but the agency says that many people who have mortgages re-worked to their financial advantage often default on their obligation anyway.
The other reason that mortgage modifications are a challenging way to put a floor under housing prices is that this assumes that people who cannot afford a $500 a month mortgage payment can afford a payment of only $350. But in most cases this does not matter. As people turn...
The fact is, most of the Floridians seeking affordable housing still can't muster the means, credit history or job security to land a mortgage - even for a $100,000 fixer-upper - especially with lending requirements tightening in the wake of the subprime catastrophe. This is, after all, low-wage...