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Recession fears: Pound slumps after Darling's gloomy prognosis - Guardian Unlimited
The pound hit a record low against the euro and a two-year low against the dollar today after a stark warning from Alistair Darling , the chancellor, that the economic downturn would be worse and longer than expected. With speculation growing of a ...

Stocks Plunge as Economic Fears Worsen - BusinessWeek
Wall Street's mood darkened considerably Thursday as market jitters about prolonged economic pain deepened on weaker labor-market data, generally negative retail sales reports for August, and a stark warning on sinking asset values from bond-market ...

US jobless rate soars as foreclosures break new record - World Socialist Web Site
In a stark indication that the crises gripping the US housing market and the financial sector are spreading throughout the economy, unemployment figures for August rose far more sharply than expected, hitting a five-year high. The official ...

Stocks: A Terrible Thursday - BusinessWeek
Market players were probably wondering Thursday why they bothered to come back from their summer vacations. U.S. stocks suffered an all-out rout on Thursday as the market's mood turned quite dark. Investors dumped stocks amid jitters about prolonged ...

BoE to announce rate decision - Forbes
The Bank of England is expected to keep interest rates steady at 5 percent despite a looming recession when it announces its monthly decision later Thursday. The central bank has kept official interest rates unchanged since April as - unlike the U.S ...

Banks offer foreclosure help - Akron Beacon Journal
The Federal Home Loan Bank of Cincinnati is handing out $1.3 million worth of grants in Ohio to help homeowners struggling to pay their mortgages and facing foreclosure. Homeowners who received loans through certain member banks will be able to ...

Lehman Weighs Its Options - Forbes
Lehman Brothers Holdings continued its roller coaster ride on Wednesday as rumors swirl around the beleaguered firm's options. Early reports said the state-owned Korea Development Bank revealed details of its proposed investment in the U.S. brokerage ...

Families facing financial ruin as 'economic tsunami' gathers pace - Belfast Telegraph
Thousands of Northern Ireland households are teetering on the brink of financial ruin as the rising cost of living tightens its unrelenting grip on already-strained budgets. According to new research, published by the Consumer Council today, almost ...

Shrum/McCain '08! - Slate
I'm staying out of the great Politico vs. Fred Thompson debate . Many campaign events seem forced and awkward to me. Thompson's fire-station drop-by looked maybe more awkward than most. So? Is gladhanding ability all that crucial a presidential ...

Town man soaks in GOP flavor - Greenwich Time
Joe Romano has been waiting for this day for eight years. The town coordinator of John McCain's presidential campaign in 2000 in Greenwich, Romano is reprising that role this year and will be on the convention floor tonight in St. Paul, Minn., when ...

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Today's Mortgage Terms starting with C

  • Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.
  • Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.
  • Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan.
  • Collateral: Property pledged as security for a debt.
  • Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.
  • Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.
  • Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.
  • Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
  • Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.
  • Credit Bureau: It is a clearinghouse for credit history information.
  • Credit Report: A report containing a detailed credit history of an individual.
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