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Commercial financing tightens - Times Herald-Record
Peggy and Eric Fuentes had no trouble last January getting a commercial loan from their local bank to build a new day-care center in the Town of Wallkill. They had spent months developing a detailed business plan, analyzing the local market and ...

Summit County home owners use new program to escape foreclosure - WKYC
AKRON -- More than 100 Summit County homeowners are stepping forward to help save their homes from foreclosure by allowing a program backed by government bonds to buy their homes from the banks that own the mortgages. American Homeowner Prevention ...

Reading service in need of home - Akron Beacon Journal
After years of financial setbacks and legal problems, the local reading service for the blind is facing what may be its biggest hurdle. The not-for-profit organization is poised to be evicted in the next few weeks from its home in a former roller ...

Banks must pass on interest cut, says Wales TUC - News Wales
A warm welcome came from the Wales TUC this afternoon to news that the Bank of England has cut interest rates by 1.5% in an attempt to rescue the economy from recession. Burt the real challenge is to ensure that these cuts are passed on to both ...

Con man raked in $115,000 - Mansfield News Journal
CINCINNATI -- Fedel James was many things to different people. To Greenhills' Howard Jones, James was an author and business partner who was going to help make both of them rich. To National City Bank, he was a valued customer with a business account ...

AIG Asset Sales Stoke Anxiety in Stowe, Vermont Resort It Built - Bloomberg
Oct. 23 (Bloomberg) -- A 140-foot crane swings over the bare plywood roof of a private clubhouse under construction at the foot of Mt. Mansfield, Vermont's highest peak. In another building, crews install electrical wiring on a tight deadline: Stowe ...

Richland County Foundation Awards Grants - WMFD
The Richland County Foundation Board of Trustees granted more than $103,000 for community needs during the board's regular October meeting. The largest amount, $35,000, went to Catholic Charities for emergency services to assist struggling residents ...

Homeowners to miss out as tracker loan providers refuse to cut rates ... - Times Online
Thousands of borrowers will miss out on cheaper mortgage bills because some of the biggest lenders prohibit interest rates on their tracker loans from falling below a minimum threshold. Economists say interest rates could fall in the coming months as ...

Couple committed suicide after hospital theft discovered - Mansfield News Journal
CLEVELAND (AP) -- A woman and her husband committed suicide after a hospital discovered the couple stole $4 million in a seven-year fraud scheme, executives said Tuesday. The money was twice the amount of an earlier estimate. St. Vincent Charity ...

2008 Crisis in the U.S. Financial System, Part One of Two - Cape Cod Today
T he crisis in the U.S. financial system does not have its origins in the failure rate of sub-prime loans over the past few years. Like many great historical events, its roots were planted decades ago when a noble idea -- own a home with initial ...

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Today's Mortgage Terms starting with F

  • Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac): A semi government agency that acquires conventional loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
  • Federal Housing Administration (FHA): A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.
  • Federal National Mortgage Association (FNMA or Fannie Mae): This agency purchases loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
  • FHA Loans: Fixed or adjustable-rate loans that are insured by the U.S. Department of Housing and Urban Development. The purpose of FHA loans is to make housing more affordable, especially for first-time homebuyers.
  • First Mortgage: A mortgage which is in first lien, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
  • Fixed Rate Loan: Fixed-rate loans have interest rates and payments that are fixed through out the term of the loan.
  • Foreclosure: A legal process in which a mortgaged property may be liquidated to pay off a mortgage loan that is in default.
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