Word: patient
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Dates: during 2000-2009
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Some communicable diseases can be traced back to what medical researchers call "patient zero", the first carrier of an illness and often someone who has no symptoms. One of the most notorious examples of this is "Typhoid Mary", Mary Mallon, who is alleged to have spread typhoid fever in New York City and its suburbs between...
...global recession has a "patient zero", a single person who set off the series of events which may lead the economy into its greatest downturn since The Great Depression and, by some estimates, push 50 million people around the world out of jobs this year, according to The International Labour Organisation. (See pictures of the global financial crisis...
...Patient zero" bought a house in Stockton, California, in 2003 after getting a subprime mortgage. He defaulted on that mortgage 39 months later...
...Someone who took out a subprime loan in 2003 is the "patient zero" who began the great recession. In financial models, he was supposed to pay his mortgage for ten years and then sell his home. When his mortgage reset in 2006, he defaulted. The flow of his payments into the mortgage pool stopped. The differential between the real world and the Wall St derivative model moved off center by a fraction of a millimeter. Another person within the same pool defaulted the next day, and quickly the mortgage pool lost the financial yield characteristics that it was supposed...
...Where was the recession's "patient zero" from and what were his financial circumstances? Based on where the real estate markets began to decline and where the most subprime loans where made, he was a client of Countrywide. He got a $250,000 mortgage five years ago, He did not have to put a nickel down to get the loan. The value of real estate in Stockton, California, where he bought his home had been rising at 10% a year for four years. He was a good credit risk not because of his income but because the value...