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REO

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...

reborn renter

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...

exploding ARM

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...

scratch and dent loan

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...

toxic waste

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

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)

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