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MONEY MARKETS-Global bank rates fall on rate-cut hopes - ReutersLibor falls broadly on hopes of steep central bank cuts * Sterling and dollar/OIS spreads widen, however * BoE seen cutting rates by 1 point, ECB and Fed by 50 bps * Fed extends life of three liquidity measures (Recasts lead, changes byline, dateline ...
Sterling Bancshares to receive $125M from gov't - MSN MoneyCentralHOUSTON (AP) - Sterling Bancshares Inc. said Tuesday it received preliminary approval to receive $125 million in capital as part of the government's $700 billion bank investment program. The government investment, administered by the U.S. Treasury ...
Australia’s QBE to buy ZC Sterling for $575m - Financial TimesQBE, the acquisitive Australian insurer, will raise up to A$2.1bn via share sales to fund the purchase of three US underwriting agencies, the largest being ZC Sterling for which it will pay an initial US$575m. The insurer, which is also buying a ...
QBE Buys Four Insurers to Stem Slowing Profit Growth (Update2) - BloombergNov. 26 (Bloomberg) -- QBE Insurance Group Ltd. , Australia’s biggest property and casualty insurer, will spend $695 million on four acquisitions abroad, including U.S. insurer ZC Sterling Corp. , to stem slowing profit growth. The biggest manager ...
Bank of England set to cut rates to record low - Shropshire StarThe Bank of England is set to cut interest rates to record low this week, following poor economic data released yesterday. The monetary policy committee (MPC) will sit down on Wednesday for its two-day meeting amid falling house prices, mortgage ...
Steep falls add to fears of deep recession - Financial TimesSterling was battered, UK shares slumped and gilt yields touched historic lows on Monday as weak manufacturing and mortgage data added to concerns that Britain was facing a deep recession. The figures raised expectations that the Bank of England ...
Struggles of the oysterman - Connecticut PostWESTPORT -- On a raw November morning, when the tide is low and the wind blows steadily from the northwest, oysterman Alan Sterling clambers aboard a makeshift raft and paddles to his fishing boat a few hundred yards from shore. The 26-foot vessel ...
Pound in biggest one-day fall for 16 years - This is MoneySterling suffered its biggest one-day slump against the dollar in 16 years yesterday. The pound tumbled 3.4% against the U.S. currency - the worst since Britain was ejected from the European Exchange Rate Mechanism in 1992. Fears of further business ...
Sterling set for biggest 1-day fall vs dlr since '92 - Reuters UKLONDON, Dec 1 (Reuters) - The pound slid broadly on Monday, heading for its biggest one-day loss against the dollar since September 1992, as weak UK manufacturing and mortgage data raised the stakes for a bold Bank of England interest rate cut. The ...
Buiter Says BOE Will Weigh Pound’s Drop on Rout Risk (Update1) - BloombergDec. 2 (Bloomberg) -- Former Bank of England policy maker Willem Buiter said that the central bank will weigh the risk of “a rout” in the pound as it cuts the benchmark interest rate to the lowest level ever this week. “The deterioration of ...
Today's Mortgage Terms starting with I
Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
Initial Rate: The rate charged for the first interval of an ARM loan.
Interest: Compensation in the form of money paid for the use of money.
Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
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