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Meanwhile, Fannie and Freddie reported heavy quarterly losses partly because of higher defaults on loans and rising foreclosures.
Students at for-profit colleges make up 13 percent of the nation's college enrollment, but account for about 47 percent of the defaults on loans.
At the same time, losses mounted at their Greek operations as the country's economy plunged, leading to a surge of defaults on loans to consumers and businesses.
Defaults on loans made last year by Argent are nearly twice what they are at Ameriquest, according to data from Moody's Investors Service.
Much of the real estate industry has supported claims that the decision would spur widespread defaults on loans and a drop in property tax revenues for the city.
Banks often try to offset some of the risks they incur by, for instance, buying derivatives that would rise in value if defaults on loans or bonds were to increase.
Similar(41)
Without the latter, the former could still hide if one city has a culture that makes defaulting on loans common.
Fewer companies defaulted on loans as the economy expanded.
The guarantee is significant, given the number of students who default on loans.
The developers of many of them then defaulted on loans from state-owned banks.
Xpedior also said it expected to be declared in default on loans from Comerica Bank.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com