Word: mortgagees
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The federal government is handing out over $1.5 trillion to support the economy through the Obama stimulus package, TARP, and the new mortgage assistance program. Among the clear winners in the frenzy to save parts of American industry are financial firms and the car companies. Aid may be extended to...
You might have noticed a particular word missing from the speech President Obama gave on Wednesday in rolling out the Administration's massive housing-rescue plan. That word is "subprime." That might ring a little odd, considering how religiously we've been talking about the "subprime mortgage crisis" - all the...
The housing market's sharp drop should start to benefit from the approval of a program to funnel $275 billion into mortgage modifications. The simple fact that such a large safety net may be set up under housing prices ought to help arrest foreclosures and substantially slow cascading housing prices...
The theories, however, just don’t seem to hold water. These reasons, albeit of noble sentiment, seem superfluous to survival, to the daily nine-to-five grind, to making the next mortgage payment. Can’t this all wait until the economy is back on its feet...
Bank of America Loan losses: BofA's buyout of mortgage broker Countrywide means the bank has $400 billion in home loans outstanding - more than its competitors. Worse, Countrywide, by nearly all accounts, had shockingly low lending standards. Chalk up a higher-than-average $40 billion in losses there. On top...