Nearly all sovereign borrowers subsequently defaulted on all or part of their external debts, beginning with Germany.
Of the first 3,300 loans made from February through April of last year, the agency said, almost 70percentt went to borrowers who subsequently defaulted again on their first mortgages.
He could end Mr DeMarco's practice of forcing banks to buy back loans that were guaranteed by Fannie and Freddie and subsequently defaulted, citing underwriting flaws.
Investors blindly relied on the agencies' analysis of financial constructs underpinned by subprime mortgages, many of which were engineered in such a way as to ensure AAA-rated status but subsequently defaulted anyway.
Finally, there were concerns of possible negative outcomes if patients missed appointments and subsequently defaulted on treatment.
The shock of a sudden Greek default could cause investors to demand higher interest rates from other troubled European governments, which could subsequently default.
Federal rules penalize colleges whose students subsequently default at high rates within the first roughly three years of their loans coming due.
Still, some of the paper's findings mirror conventional wisdom and previous research, such as the fact that students at for-profit colleges largely come from low-income households, borrow too much relative to their eventual earnings, and subsequently default on their federal student loans at astronomical rates.
Although these measures do not constitute a fiscal transfer unless those bonds subsequently default, this strategy uses the market credibility of the EU as a whole to support its weakest members.
The proposed version of the rule, published in March, attempted to limit the provision of federal student aid to ineffective schools by judging them on the proportion of student debt their graduates incur in relation to their annual earnings, and the percentage of their students that subsequently default on their federal student loans.
