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Money
In today’s New York Times, the Nobel laureate and recent White House guest begs the question: Why didn’t somebody say something to warn the world of the financial crisis to come? Answer: Life is junior high. … [N]obody likes a party …
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But when the bankruptcy code was adopted in 1979, the mortgage industry persuaded Congress that its market was so tightly regulated and conservatively run that it should be exempted from the general bankruptcy rules permitting …
Piggy-back transactions left borrowers without it, expert explains.
More than 2 million prime mortgages, traditional loans for people with good credit, are now delinquent. Thats 624000 more than this time last year, according to the mortgage bankers foundation, Tracy reports. …
Over the past decade, banks have increasingly bundled mortgages and sold them to investors. Pension funds, insurance companies, and hedge funds bought the seemingly safe securities and are now bracing for losses that could ripple …