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...
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...
cash damming n.— «Last week the CRA did bless another method of interest deductibility known in tax parlance as “cash damming.” Let’s say you’re self-employed and you’ve got one bank account in which you deposit your sales...
zomburbia n.— «The massive migrations from suburban America (dubbed zomburbia) is now leading to such levels of social crisis the language is changing.» —“McMansion mortgage meltdown fosters a new breed of equity...
scratch and dent loan n.— «The “other” category includes…scratch and dent loans and resecuritizations.» —by Frank J. Fabozzi Handbook of Mortgage-Backed Securities Dec. 21, 2005. (source: Double-Tongued...
scratch and dent loan n. a loan or mortgage that has become a risky debt investment, especially one secured with minimal documentation or made by a borrower who has missed payments. (source: Double-Tongued Dictionary)