Residential mortgages, credit cards and other consumer services make up only 18% of Zions' loan portfolio.
In reality, securitizing and insuring residential mortgages should be predominantly a private sector activity.
Despite 24% unemployment, Spanish households have an excellent record of not defaulting on residential mortgages.
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The company attracts deposits and invests them in residential mortgages, real estate loans, commercial and consumer loans.
Mr. FULD: I, like a number of other people, thought the mortgage crisis was contained to residential mortgages.
The Federal Housing Administration, which required only 3.5% up front, accounted for 23.4% of residential mortgages last year.
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They specialize in residential mortgages, they tend to have more entrepreneurial cultures and originators are generally independent and experienced.
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There are now 1.44 million BTL mortgages outstanding, a record number and now nearly 13% of all residential mortgages.
Their problems arose from investments in residential mortgages and residential mortgage-backed securities investments they had always been free to engage in.
Fidelity's technology business sells software that processes almost 50% of all U.S. residential mortgages and provides services to large banks.
Just 20% of its loan portfolio is in residential mortgages, with the balance split between commercial (44%) and consumer (36%) loans.
The group said it had continued to adopt a "prudent approach" to lending, with all residential mortgages backed by savers' deposits.
What is undeniable is that most lending takes the form of residential mortgages, which are safer than loans to commercial-property developers.
In the case of residential mortgages, government involvement is generally rationalized as a choice between government mortgages or no mortgages at all.
This summer, a spike in defaults and foreclosures on residential mortgages scared investors from many types of lending, including commercial real estate financing.
Some company shares, corporate bonds and residential mortgages have been added to the list, which previously only included assets such as government bonds.
The most infamous derivatives are the ones tied to residential mortgages and which led to the demise of the financial system back in 2008.
The materials said ACA Management LLC, a company experienced in assessing residential mortgages, was responsible for selecting the mortgages to be included in the security.
Rising interest rates have also meant a slowdown in residential mortgages.
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.
At the beginning of 2012, it was estimated that over 20% of US residential mortgages are under water and almost 15% of Americans use food stamp benefits.
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It has approximately 22, 000 residential mortgages and home equity loans, of which only 249 loans were past due 30 days and less than 100 were in foreclosure.
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Prohibiting creditors from refinancing residential mortgages unless the creditor determines the refinancing provides a "net tangible benefit" to the borrower, but makes it difficult to know whether lenders are in compliance.
However, they may not yet have made proper provision for likely losses on other categories of loan, notably residential mortgages, loans to small companies, and loans to highly indebted big companies.
Accept that losses will be higher than initial estimates, as bad loans come in waves with corporate real estate first, then unsecured credit, then small business loans, and finally residential mortgages.
What toppled the financial system was residential mortgages.
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Fannie Mae, one of the leading purchasers in residential mortgages, found that the number of first time owners and borrowers who fail to pay their mortgage shortly after purchasing a second property increases during a housing pullback.
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These days, though, banks demand bigger down-payments and better credit scores to lessen the risk of having to buy back a delinquent loan from Fannie Mae and Freddie Mac, the now government-controlled agencies that securitise and guarantee most residential mortgages.
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Ray Boulger, at mortgage brokers John Charcol, estimated that in the past 10 years, at any one time only about 250, 000 UK residential mortgages would have had a home loan linked to the Libor rate, rather than the Bank of England's base rate.
The Consumer Services segment represents the company's branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, indirect loans, consumer credit cards and other consumer loans, as well as the corresponding deposit relationships.
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