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icshih
16:15

Default

Default is a common word in computing, it means preselected option adopted by a computer program or other mechanism.* 

But it has another meaning that I do not know until recently. This word appears frequently in the discussions of current sub-prime mortgage crisis. It means failure to fulfill an obligation, esp. to repay a loan or appear in a court of law.*

Ex:
"As families default, the owners of the mortgages find themselves holding worthless pieces of paper." 
- JOSEPH E. STIGLITZ, Vanityfair.com, December 2007

*New Oxford American Dictionary

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Schweinderl