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Financial experts give their verdict on the credit crunch - North West Evening Mail
MOHAMAD SALEH, Barrow Borough Treasurer says: “The globalisation of the financial markets has never been more clearly demonstrated than by the current credit crunch. Unrealistic valuations of US mortgage debt, securitised and sold on throughout the ...

Belize safe, says new Central Bank gov - Amandala
Any financial crisis in the United States — resulting in a cash crunch, job losses, and major cost of living pressures on residents — is sure to affect the population of Belize, which received over US$100 million in 2007 from their Belizean ...

Chief in salary cap warning - SkySports
Speaking at the Leaders in Football conference at Stamford Bridge, Triesman revealed English clubs face an uncertain financial future as they currently owe an estimated £3billion. Triesman fears the current economic climate could cause major damage ...

RBS shares drop below £1 as banking sector falls sharply - Herald
Shares in Royal Bank of Scotland tumbled today as speculation over its funding position deepened during another day of market turmoil. The bank's stock slumped 40% at one point amid reports boss Sir Fred Goodwin and his rival bosses at Barclays and ...

Financial crisis: pound falls most in 15 years in wake of B&B ... - Daily Telegraph
Within hours of trading opening in London, sterling was down almost four cents against the greenback to $1.8036 - the biggest intraday decline in 15 years. The news that the Government has taken ownership of the UK’s biggest buy-to-let lender also ...

Old Mutual chief leaves after US mortgage hit - Times Online
Old Mutual, the London-listed life insurer, today revealed that its chief executive has resigned and it expects to make a $135 million (£76.4 million) writedown in its US life business as a result of the US Government's $200 billion bailout of ...

Rate drops 'could cut mortgages by £2,000' - This is Money
The relief would come if, as expected, the Bank of England cuts interest rates and mortgage lenders follow suit. The Bank is widely expected to cut rates several times in the next year. If the base rate falls by one percentage point to 4%, it is ...

Critics rain on Government's parade of housing reforms - The Independent
The markets dismissed Alistair Darling's attempts to arrest crashing house prices as a 'drop in the ocean'. But is it the Chancellor's responsibility to save private homeowners anyway? By Sean O'Grady Politics is an ungrateful business, but even the ...

Financial crisis: Libor hits record level as confidence evaporates - Daily Telegraph
And for the world’s central banks, they make for deeply queasy reading. A day after the Dow Jones Industrial Average recorded its steepest ever points fall, the rate that banks charge each other to borrow dollars for just 24 hours surged to a high ...

Despite turmoil, your insurance policies are mostly safe, officials ... - Baltimore Sun
First mortgage lenders. Then Wall Street investment firms. Now insurance companies? Several dozen jittery Marylanders called state regulators yesterday in reaction to big insurer American International Group 's struggles to stay solvent - it ...

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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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