Word: defaulting
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Dates: during 2000-2009
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...normal times. Right now the foreclosure rate is running at 3%, and it could ratchet higher in the next few years if the recession drags on. The government could mitigate its losses by only lending to people with high credit ratings. But even high quality borrowers will default at higher rates in a down economy. At a 3% default rate, the plan could cost the government as much as $25 billion a year. And that's only if 10-year Treasury rates remain at 2.7%. A year ago, the government bonds yielded 4%. At those levels, the 4.5% mortgage plan...
...thinks the government should do more to stop foreclosures. He named a number of possible programs, including a plan floated a few weeks ago by Sheila Bair, who heads the Federal Deposit Insurance Corporation, for the government to pay mortgage servicers $1,000 per modification and split the default risk in order to encourage them to lower the monthly loan payments of borrowers at risk of foreclosure...
...must reluctantly, but necessarily, turn to the U.S. Government for assistance. Absent such assistance, the company will default in the near term, very likely precipitating a total collapse of the domestic industry and its extensive supply chain ... The cost of failure in this instance would be enormous for everyone ... Regionally a failure at GM would devastate Michigan and other Midwest states...
...their newly released plans GM is asking for $18 billion in loans, including $4 billion, this month and another $4 billion in January, to head off a default by the company...
...much bad news. Citi stock plummeted, dropping 60% over the course of the week, to $3.77 a share. Meanwhile, other parts of the market confirmed Citi's stressed state. The cost of credit-default swaps that protect investors from losing money on Citi's bonds skyrocketed, signaling a lack of confidence in the bank's ability to survive. Bankruptcy rumors circulated, and fears grew that people doing business with Citi - including its retail banking customers - would pull their money. At that point, regulators felt they had no other option but to step...