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Mortgage-fraud prison time for former Eagle Mountain mayoral hopeful - Salt Lake Tribune
Posted: 12:09 PM- PROVO -- A former candidate for Eagle Mountain mayor will be spending up to 15 years in prison for his role in a mortgage-fraud scheme. In 4th District Court, Richard Culbertson was sentenced Thursday to four concurrent terms in ...

Mortgage application volume hits multiyear low - Reading Eagle
NEW YORK - Mortgage application volume fell last week to its lowest levels in more than six years, the Mortgage Bankers Association said Wednesday. The fall in application volume is the latest sign of a struggling housing market. On Tuesday, a ...

FDIC sets mortgage plan for IndyMac borrowers - Reading Eagle
WASHINGTON - Troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages under a new plan from federal regulators, who seized the bank last month after it became the largest regulated thrift to fail ...

Big Y announces plans to move - Berkshire Eagle
PITTSFIELD — Big Y Foods Inc. of Springfield, one of New England's largest independent supermarket chains, has signed a lease with the owners of the Pittsfield Plaza to build a new supermarket on West Housatonic Street, according to documents on ...

Eagle Materials, Fannie Mae, OfficeMax: U.S. Equity Movers - Bloomberg
Aug. 20 (Bloomberg) -- The following companies are having unusual price changes in U.S. markets. Stock symbols are in parentheses, and prices are as of 11:15 a.m. in New York. Aluminum Corp. of China (ACH US) rose the most in a month, gaining 6.1 ...

Former Eagle Mountain candidate sentenced to prison - Daily Herald
Former Eagle Mountain mayoral candidate Richard Culbertson will serve up to 15 years in prison for fraudulently obtaining several home loans, and his wife, Kathleen, will spend 60 days in jail. Judge James Taylor handed down the sentences Thursday in ...

Shamp, Smith Face Off In GOP Primary For Polk Commission - The Ledger
LAKELAND | John Shamp and Ed Smith, two Republicans vying for an open seat on the Polk County Commission, each have served in public office for East Polk cities. Shamp is a former Eagle Lake city commissioner and mayor, while Smith is Lake Alfred's ...

Ed Smith - The Ledger
being mayors of Polk County cities - are in this Republican primary to fill the seat held by Commissioner Jack Myers, who is being term-limited out of office. Candidates must live in the Central Polk area, but voting is countywide. The winner will ...

UPDATE 1-Toronto stocks open higher on rise in oils, metals - Reuters
TORONTO, Aug 21 (Reuters) - The Toronto Stock Exchange's main index was sharply higher shortly after the open on Thursday as energy and materials stocks got a boost from strength in their underlying commodities. The S&P/TSX composite index .GSPTSE ...

Fed's firefighting role to be debated - Traverse City Record-Eagle
WASHINGTON (AP) -- Thrust into the role of financial firefighter, Federal Reserve Chairman Ben Bernanke has taken unprecedented steps over the past year to battle the nation's worst credit and financial crises in decades. For many, the verdict is ...

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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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