Terms, Abbreviations, Institutions, Persons, References

Finance Appendix

Terms and abbreviations

Reading about finance, it is difficult to remember everybody involved, all words and abbreviations. So I wrote a list.
(A note on my vocabulary: sometimes I use the word bank as a more general description of companies dealing in securities.)

ABS Asset Backed Security
affidavit - sworn statement attest
AG Attorney General
allonge - autograph supplement to document
arbitrage - price difference between markets exploit
ARM Adjustable Rate Mortgage
ARS Adjustable Rate Swap, a sort of VRDO
asset - economic resource
CBO Congressional Budget Office
CDO Collateralized Debt Obligations
CDO squared - CDO containing CDOs
CDS Credit Default Swap
CEA Commodity Exchange Act
CEO Chief Executive Officer
CFA Consumer Federation of America
CFO Chief Financial Officer
CFPB Consumer Financial Protection Bureau
CFTC Commodity Futures Trading Commission
chain of title - sequence of transfers of title to a property
CIO Chief Investment Office
CMO Collateralized mortgage obligation
COSO Committee of Sponsoring Organizations of the Treadway Commission
CPDO Constant proportion debt obligation
CPP Capital Purchase Program - part of TARP
CRA Civil Rights Act
CRA Community Reinvestment Act
CRA Credit Rating Agency
debts - bonds, mortgages...
derivative - gets value from underlying assets
DIF Deposit Insurance Fund
dismissed with prejudice - court case is closed
dismissed without prejudice - court case can be reopened
Dodd-Frank - Wall Street Reform and Consumer Protection Act
DoJ Department of Justice
DPA Deferred prosecution agreement, amnesty for agreeing to fulfil certain requirements
dual tracking - foreclosure and mod processed simultaneously
EMH Efficient Market Hypothesis
EPD Early Payment Default
equity - deposits, shareholders contributions...
ERISA - The Employee Retirement Income Security Act
F&F Fannie (Mae) and Freddie (Mac) - see Financial Institutions
FCIC Financial Crisis Inquiry Commission
FDIC Federal Deposit Insurance Corporation
Fed the Federal Reserve System - central bank independent of government
FHA Federal Housing Administration
FHFA Federal Housing Finance Agency
FHLB Federal Home Loan Bank - owned by S&Ls, federally sponsored
FHLBB Federal Home Loan Bank Board
FHLBSF Federal Home Loan Bank of San Francisco
FICA Federal Insurance Contributions Act
FICO Financing Corporation
FICO credit score model - named after company
fiduciary duty - duty to act for the good of the client
FINRA Financial Industry Regulatory Authority
GAAP Generally Accepted Accounting Principles
GAO Government Accountability Office
GDP Gross Domestic Product
Glass-Steagall - law separating investment and depository banks, repealed in 1999
GSE Government Sponsored Enterprise - mainly Fannie & Freddie
HAMP Home Affordable Modification Program
HTM Hold to Maturity
HUD Department of Housing and Urban Development (federal)
ICAP Intercapital (UK interdealer broker)
IFR Independent Foreclosure Review
IG Inspector General
IMF International Monetary Fund
investors - individuals, pension funds, communities etc.
IRS Interest Rate Swap
IRS Internal Revenue Service
ISDS Investor-State Dispute Settlement judicial state - foreclosure always in court
JOBS Act Jumpstart Our Business Startups Act
leverage - method to multiply gains and losses
leverage = assets / (assets - liabilities)
LBO Leveraged BuyOut
liability - loans, future duties...
Libor London Interbank Offered Rate
lien theory state - borrower owns property, lender has lien, can foreclose
luddite - reactionary
MBS Mortgage Backed Securities
MFRS Motion for Relief of Stay
mod - modification of payment terms
monoline - specialized insurer
mortgage servicers - banks and other institutions handling mortgages
MSHA Mine Safety and Health Administration
NAFTA North American Free Trade Agreement
non-recourse loan - borrower risk limited to value of collateral
NYFed Federal Reserve Bank of New York - biggest of 12 regional federal banks
NYSE New York Stock Exchange
OCC Office of the Comptroller of the Currency - under the Treasury
OMB Office of Management and Budget - under the White House
OTC Over The Counter - part to part deal, not on exchange or otherwise public
PPIP Public-Private Investment Program for Legacy Assets - under TARP
PSA Pooling and Servicing Agreement - securitization agreement
QE Quantitative Easing, central bank support to commercial banks.
RCA Risk Control Arbitrage
REMIC Real Estate Mortgage Investment Conduit
repo - sale with promise to repurchase
reserve requirement - to cover deposit withdrawals
RESPA Real Estate Settlement Procedures Act
RICO Racketeer Influenced and Corrupt Organizations act
RMBS Residential Mortgage Backed Security
S&L Savings and Loan association
Sarbanes-Oxley - stricter corporate laws
Sarbox Sarbanes-Oxley
SCRA Servicemember Civil Relief Act
SDI Systemically Dangerous Institution
SEC U.S. Securities and Exchange Commission
securitization - putting together securities in CDOs or equivalent
servicers - mortgage servicers
shorting - speculating in falling price
SIGTARP Special Inspector General for TARP
SIV Structured Investment Vehicle
SOX Sarbanes-Oxley
SPE Special Purpose Entities
strategic default - not paying although you have the money
structured financing - dealing in packaged loans
TALF Term Asset-Backed Securities Loan Facility - under Fed
TARP Troubled Asset Relief Program - under Treasury
TBTF Too Big To Fail
TBTJ Too Big To Jail
Treasury - government department, under the White House
TTIP Transatlantic Trade and Investment Partnership
TTP Trans-Pacific Partnership
underwater - owing more on the home than present value
Volcher Rule - part of Dodd-Frank, restricting investments
VRDB variable rate demand bond
VRDO variable rate demand obligation

Institutions

This is an incomplete list of financial institutions involved

ACA Financial Guaranty Corp. - insurance company
ACA Affordable Care Act - Obamacare
AIG American International Group - insurance company
Ally Financial - bank (former GMAC)
Bear Stearns - bank, bought by JPMorgan
BoA Bank of America - Bank
Chase Manhattan Bank, merged with JPMorgan in 2000
Citi Citigroup - financial services
Countrywide Financial - bank, bought by BoA
Deloitte - accounting firm
DocX - document producer, owned by LPS, defunct
E&Y Ernst & Young - accounting firm
Fannie (Mae) - see FNMA
FHA Federal Housing Administration - federal mortgage insurer
FHLMC Federal Home Loan Mortgage Corporation - Freddie (Mac) semi federal mortgage handler
Fitch Group - credit rating agency
FNMA Federal National Mortgage Association - Fannie (Mae) semi federal mortgage handler
Freddie (Mac) - see FHLMC
GMAC General Motors Acceptance Corporation - now Ally Financial
GNMA Government National Mortgage Association - Ginnie (Mae)
Goldman Sachs - bank
HSBC Holdings - British mega bank
JPMorgan Chase - bank
KPMG - accounting firm
Lehman Brothers - bank, bankruptcy in 2008
LPS Lender Processing Service - foreclosure mill
Merrill Lynch - financial services corporation, bought by BoA in 2008
MERS Mortgage Electronic Registration System - registry firm for several big banks
Moody's - credit rating agency
Morgan Stanley - bank
PwC PricewaterhouseCoopers - accounting firm
RTC Resolution Trust Corporation - government company to handle the S&L crisis
S&L Savings and loan association - like a small bank, crisis in 1980s
S&P Standard & Poor's - credit rating agency
UBS AG - big Swiss banking and financial services firm
Wachovia - financial services, bought by Wells Fargo in 2008
Wells Fargo - bank
WTO World market Organization

Persons

This is an incomplete list of persons in some way involved in the crisis, past and present.

Ben Bernanke - chairman of the Federal Reserve
William "Bill" Black - author of "The best way to rob a bank..."
Lloyd Blankfein - Goldman Sachs CEO
Joseph Cassano, AIG CFO
Jimmy Cayne - Bear Stearns CEO
Andrew Cuomo - Secretary of Housing and Urban Development
James "Jamie" Dimon - JPMorgan Chase CEO
Milton Friedman - free market guru
Richard "Dick" Fuld - CEO of defunct Lehman Brothers
Timothy "Tim" Geithner - president of NY Fed and Secretary of the Treasury
Alan Greenspan - chairman of the Federal Reserve
Robert "Bob" Hoyt - Treasury general counsel
Neel Kashkari - Treasury assistant secretary
Ken Lewis - former BoA CEO
John Mack - Morgan Stanley CEO
Gregory "Greg" Mankiw - Harvard pro-finance professor of Economics
Brian Moynihan - BoA CEO
Stanley O'Neal - Merrill Lynch CEO
Vikram Pandit - Citigroup CEO
Henry "Hank" Paulson - Goldman CEO and Secretary of the Treasury
John Paulson - American hedge fund manager
Charles Prince - Citigroup CEO
Robert Rubin - Goldman co-chairman and Secretary of the Treasury
Adam Smith - 18th century free trade philosopher
Yves Smith - anti-bank blogger
Thomas Sowell - prolific pro-finance writer
John Stumpf - Wells Fargo CEO
John Thain - Merrill Lynch CEO
Eric Thorson - Treasure IG, oversees TARP
Jim Wilkinson - Treasury Chief of Staff

References

This is an incomplete list of books I have read about the crisis and related subjects. Should you read but one, I would suggest Ferguson's Predator Nation.

Neil Barofsky: Bailout, 2012 ISBN: 9781451684933
W K Black: The best way to rob a bank..., 2005 ISBN: 0292754183
Charles H. Ferguson: Predator Nation, 2012 ISBN: 9780307952561
Milton Friedman: Capitalism and Freedom
Alan Greenspan: The Age of Turbulence, 2008 ISBN: 9780143114161
Mark R. Levin: Plunder and Deceit, 2015 ISBN: 9781451606300
Johan Norberg: Financial Fiasco, 2012 ISBN: 1937184412
Daniel H. Pink: Drive: The Surprising Truth, 2009 ISBN: 1594484805
Steven Pinker: The Better Angels of... 2011 ISBN: 9780670023158
Yves Smith: ECONNED, 2011 ISBN: 9780230114562
Thomas Sowell: Affirmative Action, ISBN: 0300107757
Thomas Sowell: Economic Facts and Fallacies, 2011 ISBN: 0465022030
Thomas Sowell: Intellectuals and Society, ISBN: 0465025226 2011
Thomas Sowell: The Housing Boom and Bust, 2010 ISBN: 0465019862

Of course I have also found a lot of information on the net; foremost the blog Naked Capitalism. and, with some caution, Wikipedia

Among more occasional sources are accountingcoach , amara , bloomberg , creditwritedowns , gurufocus , investopedia , huffingtonpost , laweekly , msnbc , newyorkfed , salon , tampabay , vice and wsj

© Anders Floderus