underwater (UNCLASSIFIED)

Mullins, Bill AMRDEC Bill.Mullins at US.ARMY.MIL
Mon Dec 20 21:20:52 UTC 2010

Classification: UNCLASSIFIED
Caveats: NONE

The financial senses of "under water" and "upside down" don't appear to
be in the OED, although the figurative "keep one's head above water" is
there as far back as 1742.

No doubt these citations can be antedated.

Under water

_Chicago Tribune_ Oct 21, 1975 p C8 col 2 [ProQuest Hist Newspapers]
"Every shutdown of an auto plant, every failure of a metal price
increase, and every foreclosures [sic] of an underwater real estate
mortgage, is greeted with cheers."

_Philadelphia Inquirer_  March 15, 1981 p E01 col unk [Newsbank]
"The bookkeeping assumption is that they can " weather the storm," he
said, but if mortgage and security holdings were marked to current
liquidation value, "most thrifts would be underwater." "

_Washington Post_ Jul 6, 1983 p C11 col 2 [ProQuest Hist Newspapers]
"Well, we thought 10 percent was gold until it became an underwater

_Wall Street Journal_ Sep 12, 1983 p 59 col 4 [ProQuest Hist Newspapers]
""What they're doing is disposing of these underwater mortgages without
having to post any kind of loss even though, in fact, they have an
economic loss," comments one investment banker."

_Minneapolis Star-Tribune_ Oct 24, 1993 p 4D col unk [Newsbank]
"If not, you have negative net worth or are considered insolvent or
"underwater." "

Upside Down

_Washington Post_ Apr 24, 1988 p H3 col 4 [ProQuest Hist Newspapers]
"Lenders refer to such a loan as "upside-down." "

_Wall Street Journal_ Aug 10, 1988 p. 19 col 3 [ProQuest Hist
"But her old Mazda, which she wanted to trade in, wasn't worth the
$1,200 she still owed on her five-year loan, a condition the auto
industry calls being upside-down."

_Washington Post_ Nov 20, 1988 p H3 col 4 [ProQuest Hist Newspapers]
"With today's long-term loans, many motorists are "upside down" --
meaning they owe more than the car is worth for several years after
buying it."

> -----Original Message-----
> From: American Dialect Society [mailto:ADS-L at LISTSERV.UGA.EDU] On
Behalf Of
> Victor Steinbok
> Sent: Monday, December 20, 2010 12:51 PM
> Subject: Re: underwater (UNCLASSIFIED)
> ---------------------- Information from the mail header
> -
> Sender:       American Dialect Society <ADS-L at LISTSERV.UGA.EDU>
> Poster:       Victor Steinbok <aardvark66 at GMAIL.COM>
> Subject:      Re: underwater (UNCLASSIFIED)
> -
> One more:
> http://goo.gl/43147
> The Dangers of an Underwater Home Loan: An Upside Down Mortgage Limits
> Refinancing Options
> > An underwater home loan, often referred to as an "upside down
mortgage" can
> be difficult, if not impossible, to refinance.
> VS-)
> On 12/20/2010 1:39 PM, Mullins, Bill AMRDEC wrote:
> > I'm more used to seeing "upside down", particularly with car loans.
> ------------------------------------------------------------
> The American Dialect Society - http://www.americandialect.org
Classification: UNCLASSIFIED
Caveats: NONE

The American Dialect Society - http://www.americandialect.org

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