old and cold rule n.— «If you plan to use the vacation home as the relinquished property, do not use it personally for at least two years, and two tax returns. The IRS has adopted what is known as the “old and cold” rule. If...
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...
Costanza wallet n.— «Eliminating the need for a George Costanza wallet bursting with credit cards, the Boca Raton, Fla.-based vendor’s virtual payment system instead consolidates all that plastic into users’ Bluetooth-enabled mobile...
hair on it v. phr.— «M&T Bank also said the investors who buy the bank’s mortgage debt are taking advantage of contractual clauses to force M&T to buy loans back, sometimes because of payment defaults. The bank set aside $6...
needle drop n.— «A needle drop or Drop License is a license that requires payment for individual songs. The prices for each song vary depending on the type of production in which the song is being used. The rule of thumb when pricing Drop...
double back v.— «We had to adjust our schedule…and it was not only a monetary but a physical strain. A lot of officers had to double back, or come back to work after being off for four hours.» —“State weighs payment to police...