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Bradford & Bingley rescue package gets EC green light - Independent
Share The European Commission yesterday approved a rescue plan for British mortgage-lender Bradford & Bingley as part of European efforts to limit contagion from the financial crisis. British authorities notified the EU 's state aid regulator on ...

Bradford & Bingley Says Mortgage Bonds Won’t Be Repaid on Time - Bloomberg
Nov. 28 (Bloomberg) -- Bradford & Bingley Plc, the U.K. lender nationalized by the government, said that holders of its mortgage-backed securities are unlikely to be repaid at the bonds’ expected maturities. “On account of the low level of the ...

Britain nationalizes Bradford & Bingley bank - Reuters
LONDON (Reuters) - Britain nationalized Bradford & Bingley on Monday, making the buy-to-let mortgage lender the second UK bank to be taken into public ownership this year as a deepening financial crisis claims victims around the world. After intense ...

Mortgage market will 'grind to a halt' - Guardian Unlimited
The mortgage market will come to a standstill next year unless the government takes further action to help banks and building societies, the Council of Mortgage Lenders (CML) said today. Director general, Michael Coogan, raised the prospect of ...

Societies' anger over B&B rescue - yorkshirepost
BUILDING society members will pick up the cost of bailing out Bradford & Bingley in lower savings rates and higher mortgage rates, societies have warned. Society chiefs say their institutions face a "disproportionate" burden following the £18bn ...

A passive approach to bank stakes is inadequate - Financial Times
Governments of the world are becoming major shareholders in their financial institutions. The British government owns two mortgage lenders – Bradford & Bingley and Northern Rock – is likely soon to hold a majority of the capital of the Royal Bank ...

Anger over B&B rescue cost - yorkshirepost
ANGER is growing among the region's building societies over the terms of the Government's £18bn bail-out of Bradford & Bingley. The Yorkshire, Leeds and Skipton building societies have all hit out at the "disproportionate" costs that they must pay ...

Stand-off over family eviction - Wigan Today
A man barricaded himself in his loft to prevent bailiffs from evicting his family. Bradley Doyle, of Sale Lane in Tyldesley, had planned to remain in the roof space of his house until Wigan social services provided him with another home, but police ...

Family's landlord debt misery - Manchester Evening News
A MAN barricaded himself in his loft when bailiffs arrived to evict his family - because his landlord had fallen down on mortgage payments. Bradley Doyle spent 10 hours in the roof space of his home before being talked down by police. Mr Doyle, 49, a ...

Commentary — By J. Bradford DeLong : “The road to depression” - Business World
Keep as much economic activity as possible under private-sector control, in order to ensure that what is produced is what consumers really want. Prevent the princes of Wall Street who led us into the crisis from profiting from the systemic risk that ...

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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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