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NY Fed begins purchasing mortgage securities - WTOP RadioNEW YORK (AP) - The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market. The program, initially announced Nov. 25, allows the Fed to spend $500 billion to ...
The Madness of Crowds - Commentary MagazineFueled by easy credit, the real-estate market had been rising swiftly for some years. Members of Congress were determined to assure the continuation of that easy credit. Suddenly, the party came to a devastating halt. Defaults multiplied, banks began ...
Victor Hill files for bankruptcy - Atlanta Journal ConstitutionOutgoing Clayton County Sheriff Victor Hill filed for bankruptcy during his last week in office. Hill, who ends his single term at midnight Wednesday, filed suit Tuesday in U.S. District Court, claiming he does not have enough money to pay $1.7 ...
$135b still frozen by an early '08 debacle - Boston GlobeAs they grapple with the credit crunch, many businesses across the country have yet another cash constraint: more than $100 billion tied up in a part of the bond market that shut down last February and that isn't going to reopen. Vicor Corp. is one ...
TRUMBULL COUNTY - VindicatorJerry D. Ladd Jr., 32, of 112 Westgate Drive, Newton Falls, and Carol J. Oller, 30, of same. James E. Exline, 25, of 4773 Fifth Ave., Youngstown, and Candina M. Chamberlain, of same. Charles Zajaczkowski, 50, of 186 W. Main St., West Farmington, and ...
Stimulus Versus Recession - Wall Street JournalTo get a grip on the frightful U.S. economic outlook for 2009, it helps to know a little about the laws of physics. Sir Isaac Newton said any object in a state of motion will remain in motion unless an external force is applied to stop it. The ...
Barney Frank expects GOP to resist regulations - Boston HeraldA s chairman of the House Financial Services Committee, Rep. Barney Frank had a busy 2008 - working with Federal Reserve chairman Ben Bernanke, Treasury Secretary Hank Paulson and others in an often desperate attempt to prevent a financial-system ...
Financing, collection top complaint list - Joplin GlobeComplaints about financing, and credit and debt collection in 2008 topped the Missouri Attorney General’s list of most common consumer complaints in the state for the second year in a row. Scott Holste, spokesman for Attorney General Jay Nixon’s ...
Sir Alan Walters: the Times obituary - Times OnlineKnown at his peak as the “monetarist in residence” at Margaret Thatcher’s Downing Street, Sir Alan Walters was one of the most influential academic advisers to enter British political life. His first spell as Thatcher’s full-time economic ...
Top 10 news stories for 2008 - Harrison Daily TimesIn the early morning hours of Feb. 6, Stephen Williams, 28, of Bryant left a Little Rock bar in his pickup. Witnesses said he was very drunk, even describing him as “out of it.” Click image to enlarge In fact, he was so “out of it” that he ...
Today's Mortgage Terms starting with A
Accrued Interest: Interest earned but has not been paid
Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan.
Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change.
Adjustment Period: Applicable to an ARM, the time between changes in the interest rate.
Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time.
Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding.
Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance.
Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time.
Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner.
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