UNDERWATER LOAN
\ˌʌndəwˈɔːtə lˈə͡ʊn], \ˌʌndəwˈɔːtə lˈəʊn], \ˌʌ_n_d_ə_w_ˈɔː_t_ə l_ˈəʊ_n]\
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Loan under book value due to its (1) not performing, (2) low interest rate below market rate, (3) collateral market value decreases to less than loan balance outstanding or (4) collateral is n opt the main payment source for the loan.
By Henry Campbell Black
Word of the day
Snake's-head
- Guinea-hen flower; -- so called in England because its spotted petals resemble the scales of a snake's head.