Back to MORTGAGE News List

Bear Stearns to Cut 650 Jobs Amid Mortgage Losses Update2 Bloomberg

Cay Compass

Bear Stearns to Cut 650 Jobs Amid Mortgage Losses (Update2) Bloomberg -Nov 28, 2007 28 (Bloomberg) -- Bear Stearns Cos., the biggest underwriter of US mortgage bonds, will eliminate 650 jobs in the firm's fourth round of cuts this year amid ... Bear Stearns to cut 650 staff in US, UKMSNBC Bear Stearns Cuts 4 Percent of StaffThe Associated Press UPDATE 4-Bear Stearns to cut 650 jobs globallyReuters all 260 news articles

Source:

Types of Mortgage Instruments
Two types of mortgage instruments are used in the United States: the mortgage (sometimes called a mortgage deed) and the deed of trust.


The mortgage
In all but a few states, a mortgage creates a lien on the title to the mortgaged property. Foreclosure of that lien almost always requires a judicial proceeding declaring the debt to be due and in default and ordering a sale of the property to pay the debt.


The deed of trust
The deed of trust is a deed by the borrower to a trustee for the purposes of securing a debt. In most states, it also merely creates a lien on the title and not a title transfer, regardless of its terms. It differs from a mortgage in that, in many states, it can be foreclosed by a non-judicial sale held by the trustee. It is also possible to foreclose them through a judicial proceeding.

Most "mortgages" in California are actually deeds of trust. The effective difference is that the foreclosure process can be much faster for a deed of trust than for a mortgage, on the order of 3 months rather than a year.

Deeds of trust to secure repayments of debts should not be confused with deeds to trustees to create trusts for other purposes, such as estate planning. Though there are superficial similarities in the form, many states hold deeds of trust to secure repayment of debts do not create true trust arrangements.