REO n.— «R.E.O. is industry lingo for “Real Estate Owned,” the term that bankers assign to homes they have taken in a foreclosure. Reomac is the industry group that serves the mortgage default trade, specializing in selling the busted-up...
reverse redlining n.— «In a practice called “reverse redlining,” the lenders placed borrowers in targeted minority communities into loans they could not afford, later forcing them to go into foreclosure.» —“Memphis...
trashout n.— «Professionals in the insurance and lending industry are bracing themselves for all manner of similar situations, as homeowners either trash or simply leave their trash lying around their houses, often taking off without even...
reborn renter n.— «In addition to prospective buyers who are waiting it out, there also is the “reborn renter,” a term used to describe people who have lost their house to foreclosure and are now back on the rental market...
short sale n.— «At Selling Paradise Realty, a sign seeks customers with a free list of properties facing foreclosure and “short sales,” meaning the price is less than the owner owes the bank.» —“This Is the Sound of a Bubble...
exploding ARM n.— «The man Bob Woodward called “Maestro” actually advised Americans to shun fixed-rate loans for adjustable-rate mortgages. Dubbed “exploding ARMs” to describe the impact of upwardly adjusting...