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jingle mail

jingle mail  n.— «Kosciuszko said the mortgage insurance industry coined the term “jingle mail” because homeowners whose mortgages were worth far more than their homes literally mailed their house keys in to lenders...

hair on it

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...

poison put

poison put  n.— «In December 1995, following several quarters of weak sales, Kmart Corp. came on the brink of a bankruptcy filing: Their problems stemmed from the possible exercise of $550 million of poison put bonds outstanding, which...

exploding offer

exploding offer  n.— «With each week that passes since the original offer, the sum decreases as the candidate dithers (an “exploding offer’). But most students frown on such practices. “It’s a good way of paying off one’s debt...

cram down

cram down  n.— «if a debtor owned a car for which the loan was worth more than the car itself, the court was allowed to do what’s called a “cram down”—or matching the debt to the car’s value.» —“Just Creeping...

zombie debt

zombie debt  n.— «In the past few years a number of collection companies have cropped up specializing in what are called “zombie debts.” The companies buy old debt that is no longer enforceable. They then call the borrowers and...

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