A subprime mortgage is a subprime loan used as a mortgage (to buy property, such as a house).
See also: debt, credit score
[Last updated in June of 2022 by the Wex Definitions Team]
money and financial problems
swindle
To swindle means to dispossess someone of money or property through fraud or deceit.
[Last updated in March of 2022 by the Wex Definitions Team]
tontine
Tontine is an investment plan in which participants buy shares in a common fund and receive an annuity that increases every time a participant dies.
In simpler terms, tontine is an investment scheme in which the so-called...
variable annuity
A variable annuity is an annuity — periodic payments to a recipient — that vary in amount based on the performance of the underlying investments. Variable annuities are tax-deferred and a person does not have to pay any taxes on the income or...
Volcker Rule
The Volcker Rule refers to a broad set of rules adopted under Dodd-Frank Title VI that attempts to reduce risk within banking institutions, stemming from mixing investment banking and commercial banking. The Volcker Rule consists of two major...
wage attachment
Wage attachment, also known as wage garnishment, is a court order by which the court attaches debtors' wages to help pay their creditors by directly transferring the wages to the creditors. Although a wage attachment order can be obtained...
whole life insurance
Whole life insurance (also referred to as permanent life insurance) refers to life insurance policies that are meant to last until death and have an investment aspect. As long as the person pays the required premiums, the insurance policy...
wildcard exemption
Wildcard exemption is one of a few exemptions the Federal government and state governments allow in bankruptcy that protects some of the debtor’s personal assets from creditors. In Federal bankruptcy and in states where the wildcard exemption...
will
A will is a legal document that states a testator’s wishes and instructions for managing and distributing their estate after death. In contrast, intestate succession is passing the property of the decedent according to the State’s intestacy...