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DtlPaulaTaylor.ID = "DtlPaulaTaylor";
DtlPaulaTaylor.ID_WB = 29763632;
DtlPaulaTaylor.sPubDate = "3/23/2009 7:18:02 PM GMT";
DtlPaulaTaylor.navsectionID = "3032599"
DtlPaulaTaylor.appFmt = 2;
DtlPaulaTaylor.appWidth = 460;
DtlPaulaTaylor.appHeader = "timeline|Paula Taylor's loan";
DtlPaulaTaylor.appFooter = "Source: Dateline NBC";
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DtlPaulaTaylor[i++] = new Array("","2006","","","","", "sub", "", "", "", "", "", "", "", "", "", "", "", "", "");
DtlPaulaTaylor[i++] = new Array("","May 17, 2006","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
DtlPaulaTaylor[i-1].body = "Paula Taylor, at the time a 41-year-old Boston area resident, borrows money from Countrywide Financial to buy a condo in Roxbury, Massachusetts.  Taylor is a personal trainer with $1,000 in the bank earning less than $20,000 a year, she says, though her loan application lists annual income of $87,600.  Taylor says she gave her true income to Countrywide.  Countrywide issues her two mortgages: a first mortgage for $194,925 and a second mortgage for $64,975.<p>Dateline tracked what happened to her first mortgage.";

DtlPaulaTaylor[i++] = new Array("","July 25, 2006","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
DtlPaulaTaylor[i-1].body = "Countrywide bundles the mortgage with more than 6,000 others in a mortgage-backed security worth $1.6 billion.<p>The security is divided into 20 classes, and the risk derived from Taylor&#146;s mortgage is spread among those classes, including one called MV6, valued at $19.8 million.<p>That $19.8 million class is put up for sale.  Buyers include 4 trusts: Grand Avenue CDO II., Ltd.; Kleros Real Estate II CDO, Ltd.; Kleros Preferred Funding III, Ltd.;  North Street Link Notes-7A  These trusts combined their portion of the debt with debt from numerous other sources.  In all, portions of the 20 classes are purchased by at least 34 individual CDOs.";

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DtlPaulaTaylor[i-1].body = "The CDOs are offered to institutional investors.<p>One investor in the CDO Kleros Preferred Funding III, Ltd., is a mutual fund, Regions Morgan Keegan Select High Income Fund, which has invested heavily in real estate-backed securities, the same mutual fund that also invested in a CDO that purchased some of the class that held a portion of Delores Parker-Jackson&#146;s mortgage.";

DtlPaulaTaylor[i++] = new Array("","Early 2007","","","","", "sub", "", "", "", "", "", "", "", "", "", "", "", "", "");
DtlPaulaTaylor[i-1].body = "Paula Taylor defaults on her mortgage; the loan goes into foreclosure; she is eventually evicted.";

DtlPaulaTaylor[i++] = new Array("","2008","","","","", "sub", "", "", "", "", "", "", "", "", "", "", "", "", "");
DtlPaulaTaylor[i++] = new Array("","Jan. 4, 2008","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
DtlPaulaTaylor[i-1].body = "Kleros Preferred Funding III, Ltd., which holds nearly $2 billion of debt &#150; including a portion of the class containing some of the risk derived from Paula Taylor&#146;s loan &#150; defaults and stops paying interest to investors including Regions Morgan Keegan Select High Income Fund. The loss lowers the mutual fund&#146;s value to individual investors.<p>According to Total Securitization, at least 15 CDOs that purchased portions of the Countrywide mortgage-backed security have defaulted.";

	// END editorial data