tape bomb n.— «Wall Street traders like to call unexpected news events “tape bombs.” The terminology presumably dates back to the days when the physical flow of ticker tape delivered the latest ups and downs of stock price...
scratch and dent mortgage n.— «Founded in 1996, New York-based C-Bass specializes in investing in distressed home mortgage loans. Also known as “scratch and dent” mortgages, these are loans that were either not documented properly or on...
toxic waste n.— «Basis Capital had assets worth $1 billion as recently as May, before reporting that its Aust-Rim Fund and Yield Fund lost 9 percent and 14 percent, respectively, in June. The funds ran into trouble by investing in the...
jingle mail n. building or house keys sent by mail and unexpectedly received by a mortgage-issuer from someone who can no longer make mortgage payments and chooses to relinquish control of a property. (source: Double-Tongued Dictionary)
jingle mail n.— «When the recession of the early 1990s hit, many owners of converted apartments in the Boston area, and especially those who had purchased them as investments, resorted to “jingle mail”—sending condo-unit keys...
jingle mail n.— «Kosciuszko said the mortgage insurance industry coined the term “jingle mail” because homeowners whose mortgages were worth far more than their homes literally mailed their house keys in to lenders...