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Home prices take record fall - Detroit News
NEW YORK -- Home prices dropped by the sharpest annual rate on record in October and there are no signs the housing pain is over, according to a closely watched index released Tuesday. The Standard & Poor's/Case-Shiller 20-city housing index fell by ...

Stevenot Winery will stay open, owner says - Record
MURPHYS - Despite foreclosure proceedings against several Stevenot Winery properties, the famed Calaveras County winery itself will not close and will soon expand, Stevenot owner Jack Munari said Friday. Munari confirmed that three Stevenot Winery ...

NM gov. backed down over pay-to-play probe - Buffalo News
Gov. Bill Richardson's gold-plated resume had never been tarnished as he moved up the political ladder from congressman and diplomat to governor. But a day after backing out of consideration for U.S. commerce secretary, Richardson faced a murky ...

News Stories - Elizabethton Star
But things quickly turned sour and divorce documents paint a bitter picture of Bruce Pardo's increasing desperation as he lost first his wife, then his job and finally the dog. By fall 2008, Pardo was asking a judge to have his ex-wife pay him ...

Making cutbacks Cash-strapped couples opting to do without in-home ... - Wichita Falls Times Record News
The Associated Press Heather Gibbs Flett, standing, plays a snowboard computer game with friends at her home in Berkeley, Calif. The Associated Press Heather Gibbs Flett reads a bedtime story to her son Milo Flett, 18 months old, before friends ...

2008: The absurd - Crain's Detroit Business
That's about the best that can be said for 2008, a bad year by any account. It began in January — when else would it begin? — with the news that Mayor Kwame Kilpatrick had lied under oath about an affair with chief aide Christine Beatty, and it ...

PhillyDeals: Firm in probe linked to White-Kemp case - Philiy.com
Simmering federal investigations into the ways states and towns borrow money claimed a high-profile target when New Mexico Gov. Bill Richardson excused himself from President-elect Barack Obama's cabinet. Richardson blamed FBI and grand-jury probes ...

Brown admits recession could be deeper than forecast - Times Online
Gordon Brown effectively admitted that the recession may be deeper and last longer than officially forecast today. The Prime Minister said the success of his economic policies depended on the decisions of other countries amid mounting concerns the ...

Pawnshops see surge in well-to-do clients - Baltimore Sun
PHILADELPHIA - At Society Hill Loan, a pawnshop in a middle-class neighborhood here, a steady rain fell outside as a fashionably dressed young man parked his Cadillac Escalade outside. Looking around warily, he came in to speak with Nat Leonard, co ...

Gordon Brown might win the war, but lose the peace - Daily Telegraph
If in doubt, British politicians pretend to be Churchill. It is just one of those things: confront them with a crisis and they lower their voices by an octave, slip on a siren suit and start chomping on a cigar. I don't think they can help it, really ...

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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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