Word: banking
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...George Magnus is senior economic adviser at UBS Investment Bank...
...home-price gains and mass speculation in hot markets like Las Vegas--where 40% of the houses up for sale now sit vacant. What's astonishing about this particular real estate bust, though, is the way the damage has pinballed across the financial universe: mortgage companies in Los Angeles, banks in Seattle, hedge funds in Australia, the European Central Bank, Wall Street investment houses and Main Street stockholders have all had the American real estate market fall on them...
...REAL ESTATE, NEXT YEAR COULD BE EVEN worse if interest rates don't fall. In 2008, some $680 billion worth of adjustable-rate mortgages are due to reset, according to Bank of America. That's $165 billion more than this year, and of those loans that are likely to carry higher rates, nearly three-quarters are subprime. Since many adjustable mortgages change rates after two or three years, the loans due for reset would have been written in 2005 and 2006, the years underwriting standards were bent the most. "It's clear that the performance of loans will be worse...
...decades past, the trouble would end with a borrower in default and a bank foreclosing on the home. But today few banks hold onto mortgages until they are paid off. Most loans are bundled together and sold as mortgage-backed securities. ? Mortgage delinquency rate...
...left over at the end of each week. So on Friday nights, when Alvarez-Rosales, 21, goes to cash his check, he pulls into the parking lot at the Norcross branch of Banuestra, an alternative financial institution aimed at serving the estimated 40 million adults in the U.S. without bank accounts. For him, every dollar counts, and compared with the 24-hour Atlanta Check Cashers outlet down the road, which charges a 3% fee to cash a payroll check, Banuestra is a bargain, taking just 1%, or $3, out of his weekly pay. He doesn't even consider the Wachovia...