cram-down
n.— «Paulson, run by former Bear Stearns (BSC) investment banker John Paulson, stands to rake in a windfall if the measure passes. The key bill, introduced last month, would allow federal judges to restructure mortgage terms and lower payments on the primary homes of borrowers in bankruptcy, a significant legal change. The process, known as a “cram-down” in industry jargon, is opposed by investment banks that trade in mortgage-backed securities.» —“Paulson’s Subprime Hedge” by Eamon Javers BusinessWeek Oct. 12, 2007. (source: Double-Tongued Dictionary)
Further reading
Brian from Lafayette, Indiana, wonders why chicken is abbreviated CHX in the restaurant industry. Using X as a substitute or shortener has a long history. Medieval scribes sometimes drew a line through the final stroke of an abbreviated word. This...
Twice a day the River Thames recedes, revealing a muddy shoreline. Hobbyists known as mudlarks stroll the surface searching for objects that have found their way into the river over the centuries, everything from ancient Roman jewelry to modern...