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DtlDoloresloan.ID = "DtlDoloresloan";
DtlDoloresloan.ID_WB = 29763281;
DtlDoloresloan.sPubDate = "3/22/2009 11:57:40 PM GMT";
DtlDoloresloan.navsectionID = "3032599"
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DtlDoloresloan.appWidth = 460;
DtlDoloresloan.appHeader = "timeline|Delores Parker-Jackson's loan";
DtlDoloresloan.appFooter = "Source: Dateline NBC";
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DtlDoloresloan[i++] = new Array("","Feb. 18, 2005","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
DtlDoloresloan[i-1].body = "Delores Parker-Jackson, at the time a 57-year old day care operator in Los Angeles, California, borrows money from the Orange County, California-based lender, People&#146;s Choice Home Loans Inc., to refinance a condominium she purchased in 2004 for $245,000.  <p>She has told the lender her income is more than $180,000 a year, even though in 2005 she reports negative income to the IRS. She also has a history of filing for bankruptcy, was evicted from a house in 1997 for non-payment of rent, and still has an outstanding debt from that case.  People&#146;s Choice issues her two mortgages: a first mortgage for $236,800 and a second mortgage for $59,200.  She uses most of the money to pay off the previous mortgage, but also takes out at least $50,000 in cash.<p>Dateline tracked what happened to her first mortgage.";

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DtlDoloresloan[i-1].body = "Parker-Jackson&#146;s loan is pooled with 5,958 other People&#146;s Choice loans in a mortgage-backed security worth nearly $1.1 billion.<p>This pool of debt from mortgages is divided into 15 classes. The classes range in value, from just under $300 million to just over $12 million. The risk derived from Parker-Jackson&#146;s mortgage is spread among those classes, including one called M5, which is valued at $17.6 million.";

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DtlDoloresloan[i++] = new Array("","April 2005 through December 2007 ","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
DtlDoloresloan[i-1].body = "The $17.6 million M5 class is offered for sale. Buyers include at least three trusts: Monroe Harbor CDO, Ltd. (originally valued at $1.5 billion), Orient Point, CDO Ltd. (originally valued at $1.5 billion), and Ambassador Structured Finance CDO, Ltd.(originally valued at $1 billion).  In all, portions of the 15 classes are purchased by at least 20 individual CDOs.";

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DtlDoloresloan[i-1].body = "Parker-Jackson runs into financial and legal trouble.  The condo is auctioned at a Sheriff&#146;s sale.  (As of March 2009, she is still contesting ownership.)<p>One investor in Ambassador Structured Finance CDO Ltd., is a mutual fund, Regions Morgan Keegan Select High Income Fund, which has invested heavily in real estate-backed securities. <p>Morgan Keegan had $4.5 million invested in Ambassador Structured Finance CDO, Ltd. <p>According to Total Securitization, at least 6 CDOs that purchased portions of the People&#146;s Choice mortgage-backed security have defaulted.";

	// END editorial data