Word: teasers
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Dates: during 2000-2009
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Angelo Mozilo Enabling home ownership seems so noble--until lending standards surrender to greed. Under CEO Mozilo, marquee mortgage shop Countrywide helped legitimize the flood of subprime, teaser-rate and no-income-verification loans...
...mortgages that went into foreclosure in the third quarter, 43% were adjustable-rate subprime loans, even though those make up only 6.8% of all outstanding loans. It is precisely these subprime ARMs, most of which came with low "teaser" rates that later reset to much higher rates, that the Administration's rate freeze is aimed at. It calls for lenders to observe a five-year freeze on rates for mortgages due to reset between Jan. 1, 2008 and July 31, 2010. It's entirely voluntarily, but Paulson has lined up big mortgage servicers and investors behind...
...game-playing. The reason for Andrew's discomfort: his young wife is having an affair with her hairdresser, Milo Tindale. Enter Milo into Andrew's lair. The older man has an attractive, illegal proposal for Milo that could make them both rich and happy. But that's just a teaser to Andrew's much darker scheme - one that will bring a policeman to inquire about a missing body...
...comment came in 2004, when he pointed out that many borrowers could save money by taking out adjustable-rate mortgages (ARMS). Many borrowers did save money with ARMs, and the idea that a few words from Greenspan at a credit-union meeting persuaded millions of others to take out teaser-rate loans they couldn't afford stretches belief. But with ARM-related defaults on the rise, it doesn't look good...
...reason for the boom's doom was that in the nation's San Diegos, double-digit annual price increases put most homes out of the reach of middle-income buyers. The mortgage industry and its funders on Wall Street responded with laxer lending standards and creative loans (no downpayment, teaser rate, interest only, etc.) that really made sense for borrowers only if prices kept going up and they could sell at a profit or refinance. When prices stopped rising last year, the edifice began to crumble...