Floater
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A word about credit risk mitigation
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Could be so many unseemly things:
- A dead body (see Stephen King's IT)
- A poo that won’t go down (aka a “light brown floater”)
In the context of financial arrangements:
- most often a form of equitable mortgage which hovers over the encumbered assets in question only to clamp down on them when the going gets tough: a floating charge, in other words. To be compared and enviously contrasted with a fixed charge.
A floater might also refer to a floating rate note or a floating rate in the abstract, but this isn't really to be encouraged.