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MARKETS/HAIRCUT
RTR2S51V
October 02, 2011
Donald Bonner, 61, who has been delinquent on his mortgage payments for three to four months, speaks...
New York, UNITED STATES
To match Special Report MARKETS/HAIRCUT
Donald Bonner, 61, who has been delinquent on his mortgage payments for three to four months, speaks with a mortgage specialist at a JPMorgan Chase foreclosure consultation event in New York, in this March 31, 2011 file photo. More than three years after the financial crisis struck, the U.S. economy remains stuck in a consumer debt trap. It's a situation that could take years to correct itself. That's why some economists are calling for a radical step: massive debt relief. Federal policy makers, they suggest, should broker what amounts to an out-of-court settlement between institutional bond investors, banks and consumer advocates - essentially, a "great haircut" to jumpstart the economy. What some are envisioning is a negotiated process in which cash-strapped homeowners get real mortgage relief, even if it means forcing banks to incur severe write-downs and bond investors to absorb haircuts, or losses, in some of the securities sold by those institutions. Picture taken March 31, 2011. To match Special Report MARKETS/HAIRCUT REUTERS/Shannon Stapleton/Files (UNITED STATES - Tags: BUSINESS REAL ESTATE)
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