The court allows us to pay certain bills such as mortgages and utility bills.
This is the elegance of BankRate.com addressing retail financial services such as mortgages and insurance.
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CDOs backed by assets such as mortgages and issued over the past two years.
Cramdown is already allowed for other forms of consumer debt, such as mortgages on holiday homes.
This may work for pools of assets, such as mortgages, the behaviour of which can be actuarially assessed.
And to sustain it, these firms will have to plunge headlong into products they know little about, such as mortgages.
All long-term contracts such as mortgages or leases are denominated in dollars.
But an embryonic plan to create a super-regulator for consumer products, such as mortgages, credit cards and mutual funds, is already encountering stiff opposition.
In 2007 analysts at MBIA had started noticing strange things in the loan pools, such as mortgages that went into default without a single payment being made.
On the basis of the master's ideas of radical uncertainty, for instance, he has long argued that securitisation the slicing and dicing of illiquid assets such as mortgages is inherently flawed.
At present the Bundesbank can preach about risks to financial stability but it cannot impose counter-measures such as setting higher capital requirements for banks or putting constraints on specific types of lending such as mortgages.
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More than 2.5 million people have already been paid compensation for being mis-sold the insurance, supposedly to help them pay loans such as mortgages and credit cards if they fell ill or lost their jobs.
By contrast, Norwest, which aggressively pushes traditional retail products, such as mortgages and consumer loans, through a huge network of non-bank offices as well as bank branches, has a markedly different culture from Wells Fargo's.
And they are also concerned that the banks are not taking sufficient steps to insulate themselves from probable losses on other categories of loans, such as mortgages and corporate loans, that are likely to escalate in a Spanish recession expected to last another year or more.
Raising it will mean shifting from such commodities as mortgages to auto loans and consumer finance.
These same dramatic jumps in interest rates can be seen in other industries such as home mortgages and car loans.
And they have widened the range of investors who can get involved in risky asset classes, such as subprime mortgages and junk bonds.
It defined wealth as total assets including real estate, vehicles, bank deposits, investments and pensions minus liabilities such as outstanding mortgages, credit-card debt and other loans.
The share of Britain's GDP accounted for by financial services, including the retail kind such as arranging mortgages, has been steadily shrinking since 2007.
But Bankia's assumptions on the rate of non-performing loans in areas such as residential mortgages and corporate loans set a disturbing new benchmark for other lenders.
For example, following lengthy comment periods, in 2006, the federal banking supervisors issued formal guidance on underwriting and managing the risks of nontraditional mortgages, such as interest-only and negative amortization mortgages, as well as guidance warning banks against excessive concentrations in commercial real estate lending.
"Banks are boosting their consumer lending, in such products as home mortgages and credit cards, " says Mostrous.
So a problem in one part of the financial system, such as American subprime mortgages, can quickly become a global issue.
But demand for loans from consumers is weak, especially in areas such as credit cards and mortgages, although banks hope that these will soon start to rebound.
To be sure, the rise in student-loan debt is being at least partially offset by reductions in other types of debt, such as credit cards and mortgages, said Richard Fry, a senior economist with the Pew Research Center in Washington.
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But since 1996, FHA's share of the mortgage market has dropped from 32% to 6%, largely because the private sector began offering exotic (read: easier to qualify for) products--such as adjustable-rate mortgages, or ARMs--to an increasingly risky pool of investors.
The blowup of 2008 was blamed in part on financial innovations such as credit derivatives and subprime mortgages.
Greenspan noted that there has been a disconnect in recent years between the Fed's short-term rate moves and long-term rates, such as those that apply to mortgages.
Fortunately for the few-stocks crowd, the holdings were mostly in areas his firm had successfully identified as winners, at least in the short term, such as defense, energy and mortgages.
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