Word: defaulting
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Dates: during 2000-2009
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...products" - hedge funds and other supposedly sophisticated players - replaced banks as the engines of credit creation in recent years. Unlike banks, however, these institutions lack deposit insurance and do not have direct access to central bank lender-of-last-resort safety nets. When the quantitative models used to measure default risk on the new mortgage-backed instruments vastly underestimated actual delinquencies, many of these investors found themselves with unexpected losses. Concern about just how far these losses extend - and whether major financial institutions are at risk - has caused global stock and bond markets to tremble in recent weeks as investors...
...abort it when necessary. The trouble is, George W. Bush's credibility on Iraq is nonexistent. And so he has placed David Petraeus, an excellent soldier, in a position way above his pay grade. He has made Petraeus not just the arbiter of Iraq strategy but also, by default, the man who sets U.S. policy for the entire so-called war on terrorism...
Later this month, the Fed could cut interest rates, which would lower payments for those struggling to pay their adjustable-rate mortgages. The Fed has issued guidance urging loan-service companies to work with borrowers who are in danger of default...
...slightly less risky way to play foreclosures is to pounce before a house even makes it to auction. When foreclosure proceedings start, a notice of default is filed at the local courthouse and often runs in the newspaper, as well. Potential investors can also buy access to listings on web sites such as Foreclosure.com, RealtyTrac.com and ForeclosureNet.net...
...goes up for auction is to try for a short sale, a transaction in which the mortgage lender agrees to take less money that it is owed. A bank can easily spend tens of thousands of dollars to move a house through the entire foreclosure process, so as default rates soar, more are willing to negotiate with real estate agents representing a bid that's technically too low. (Short sales are becoming so commonplace that Beitler added a chapter about them in the upcoming second edition of his book.) The downside, from a buyer's perspective, is that even after...