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...and other assets....
...Keeping up with interest rate rises, paying mortgages and paying off loans are all concerns facing the population....
...The close cousin of collateralised debt obligations, the pools of mortgage-backed securities that became notorious during the subprime meltdown over a decade ago, CLOs package up risky corporate loans into...
...The ONS estimates the value of land and assets-over-land to be over £5tn compared to a GDP of c£2tn....
...As such, CLOs resemble other structures that rocked the financial system a decade ago, such as CDOs, which issued debt backed by bundles of (what turned out to be) junk mortgage bonds....
...The Paces were among 10,507 borrowers whose home loans Countrywide packed into a set of securities called the CWABS Asset-Backed Certificates Trust 2005-11....
...It was meant to be a safe bet as most of its assets were residential mortgage-backed securities issued by Fannie Mae and Freddie Mac....
...And the gradual declines in outright holdings reflect either maturities or prepayments of agency mortgage-backed securities....
...Mortgages, packaged into asset-backed securities, were sold to off-balance sheet bank SIVs financed by short-term loans from money market funds....
...But when it came to those mortgage-backed securities in early August 2007, that simple exchange suddenly became complicated....
...To do so, it had to mortgage most of its assets and trademarks, down to its iconic “blue oval” logo....
...Because C-Bass bought bonds that were backed by pools of mortgages, Litton had the right to modify those loans once they soured....
...Chartered in 2007 – untouched....
...The housing market has continued to shrivel, with mortgage approvals down 85 per cent year on year....
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