Fucked Borrower. Very widely used in real estate blogs and informal circles. Refers to a formerly credit-rich but resource-strapped consumer who's collateral, savings, and foreseeable future income are below the value and terms of a loan they cannot sustain, refinance, or renegotiate. FB's face a bleak future of certain losses, and nearly certain bankruptcy, credit destruction, and long term cascading/follow-on financial and opportunity losses.
All those FBs and their greedy idiot lenders who bought houses with 100% down NINJA adjustable-rate mortgages in the so-called housing boom are dropping like flies!