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scratch and dent loan n.— «A company that invests in high-yield real estate debt is looking to buy loans that have been “kicked out” of commercial MBS deals. Midwest Equities of St. Louis has initially allotted $50 million for...
scratch and dent mortgage n.— «Hanover’s primary niche is buying “scratch and dent” mortgage portfolios that for one reason or another do not qualify for Fannie Mae or Freddie Mac.» —“Hanover Weathers REIT...
droga n.— «A year ago, Angelita Medina Albarran, 47, a garment worker at St. John Knits, took out two loans from Fremont Investment & Loan to cover the entire $600,000 purchase price for 919 W. Camile St., a 1,450-square-foot bungalow...
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...