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News about Mortgages:
TransUnion: 3Q mortgage delinquencies shoot higher - The StateNEW YORK -- The percentage of people who are two months behind on their mortgages shot up in the third quarter from the same period last year, according to credit reporting agency TransUnion LLC. For the quarter ended Sept. 30, 3.96 percent of people ...
Government plans new credit, mortgage programs - Los Angeles TimesWASHINGTON -- The government introduced a pair of new programs today that will provide $800 billion to help unfreeze the market for consumer debt and to make mortgage loans cheaper and more available. The new programs from the Federal Reserve and ...
SEC May Curb Credit-Rating Conflicts, Delay New Mortgage Grades - BloombergDec. 2 (Bloomberg) -- The U.S. Securities and Exchange Commission may act to curb conflicts of interest at credit-rating companies while delaying a mortgage-bond ranking proposal faulted by underwriters, two people familiar with the matter said. SEC ...
JPMorgan cuts jobs at Washington Mutual - New Zealand HeraldNEW YORK - JPMorgan Chase says it will cut 9200 jobs at Washington Mutual, which it acquired on September 25 after Washington Mutual became the largest US bank to fail amid the ongoing credit crisis. Four thousand of the 9200 jobs will be cut by the ...
Treasurys extend gains amid investor worries - Washington PostNEW YORK -- Yields on U.S. government debt touched fresh lows again Tuesday as investors, worried about the economy and the ongoing volatility in stocks, again sought out the safest investments. Yields, which move opposite their price, fell to record ...
Wachovia's Waterbury Mortgage Office Shutting Down - Hartford CourantWATERBURY - Wachovia Corp. says it will be shutting down its retail mortgage processing operation in Waterbury early next year, costing about 65 people their jobs. The North Carolina -based financial services company says it will close the Waterbury ...
Program Targets Consumer Spending, Mortgage Rates - Washington PostThe government introduced a pair of new programs Tuesday that will provide $800 billion to help unfreeze the market for consumer debt which Treasury Secretary Henry Paulson calls vital to supporting the economy. The Federal Reserve and Treasury moved ...
Fed to Back Consumer, Mortgage Debt - Smart MoneyWASHINGTON (Dow Jones) -- The Federal Reserve on Tuesday stepped up its efforts to support strained credit markets through new programs aimed at boosting consumer credit and the market for mortgage-backed securities. Under the Term Asset-Backed ...
FDIC chief: Intervene on foreclosures - CNN MoneyNEW YORK (CNNMoney.com) -- The nation's top banking regulator warned Tuesday that help for troubled homeowners is failing to keep pace with the foreclosure crisis. "We're definitely behind the curve, and we fall further behind the curve every day ...
Register for FREE - Wall Street JournalHere's a fact to mull over: Washington a few months ago might have bought the entire stock of subprime mortgages for about half the money committed by the Fed and Treasury last week to prop up Citigroup and spur consumer and mortgage lending. Corbis ...
Today's Mortgage Terms starting with P
Payment Cap: A limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
Point: A point is equivalent to 1 percent of a mortgage loan. Lenders might charge "origination points" to cover expenses of processing a loan. Some borrowers might pay "discount points" to reduce the loan's interest rate.
Pre-Approval: The process of calculating how much money a potential homebuyer could borrow.
Prepayment Penalty: A lender's charge to the borrower for paying down the loan before the end of its term.
Pre-Qualification: A non-binding process of calculating how much money a potential homebuyer can borrow before applying for a loan. Information submitted during pre-qualification is subject to verification at application.
Principal: It is the amount of money borrowed or owed, excluding interest.
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