On average, their monthly debt payments, including mortgage, credit cards, auto loan and paying back friends come to 64% of pretax income.

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Many analysts, including the rating agencies that gave the mortgage debt high ratings, also badly miscalculated the impact of the mortgage crisis.

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The Fed will exchange the Treasury notes for other securities, including federal agency debt, federal agency residential mortgage-backed securities and nonagency AAA-rated private-label residential mortgage-backed securities.

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Unlike many other EU countries, including the UK, Dublin has included secured mortgage debt within its insolvency regime, in an effort to encourage banks to negotiate long-term restructuring deals with debtors.

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Without a director, the CFPB cannot oversee payday lenders, private student loan providers, and other non-bank lenders, including certain mortgage originators and servicers, as well as debt collectors and credit reporting agencies.

WHITEHOUSE: The White House