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News about Mortgages:
Bank of America settles suits over bad mortgages - CNN MoneyNEW YORK (Associated Press) - Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes. Charlotte, N.C.-based ...
Web site shuts down over concerns - Chicago TribuneDES MOINES, Iowa - Officials with a Web site that published land documents that contained Iowans' Social Security numbers say the site has been shut down. Officials with IowaLandRecords.org say the action came after previous efforts failed to ...
Iowa cities competing for federal buyout money - Chicago TribuneWASILLA, Alaska (AP) _ Sarah Palin and her husband have pieced together a uniquely Alaskan income that reached comfortably into six figures even before she became governor, capitalizing on valuable fishing rights, a series of land deals and a ...
Obama's surge of Iowa offices boosts visibility - Chicago Sun-TimesBarack Obama has one of the funkiest campaign headquarters in Iowa. It's in downtown Des Moines, in an emerging trendy area called the East Village, the Iowa version of Bucktown, small, neat and without the nasty history of gun violence. "There is a ...
Local Business Watch: GMAC to close 200 mortgage offices, 3 in Iowa - Des Moines RegisterGMAC Financial Services says it will close all 200 GMAC Mortgage retail offices, including three in Iowa. The lender will lay off about 5,000 employees as it scales back its mortgage lending and servicing operations because of the downturn in the ...
GMAC Financial to close mortgage offices - Des Moines RegisterThe lender will lay off about 5,000 employees as part of plan to scale back its mortgage lending and servicing operations due to the downturn in the housing market. GMAC Mortgage has three Iowa offices — in Urbandale, Cedar Falls and Dubuque. The ...
Iowa, Michigan, Ohio most affordable for home buyers - USA TodayAt top, a 4-bedroom home with Pacific Ocean views in La Jolla, Calif., is on the market for $1.87 million. Below, this 4-bedroom home in Sioux City, Iowa, sold for $135,000 in June. LOS ANGELES (AP) — Californians rave about year-round sunshine ...
Iowa governor lays out $85M flood relief spending - ForbesThe bulk of an $85 million federal flood relief package allocated to Iowa will go for a variety of housing assistance programs, ranging from buying ruined homes to helping victims stay current with mortgage payments, Gov. Chet Culver said Thursday ...
McCain blames mortgage lenders for Wall Street troubles - Sioux City JournalCEDAR RAPIDS, Iowa -- Republican presidential hopeful John McCain blamed the financial crisis rocking Wall Street on failures at two mortgage giants and accused Democratic rival Barack Obama of taking thousands of dollars in donations from them. The ...
Iowa gov outlines aid for flood, storm victims - ForbesIowa Gov. Chet Culver outlined the allocation of money that will be released to help victim's of this year's record flooding and tornadoes. The financial assistance is part of the $40 million Jumpstart Iowa initiative that Culver announced last week ...

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Today's Mortgage Terms starting with B
Bankruptcy: A legal procedure in a federal court to relieve certain debts of a person or a business that is no longer able to pay its debts. Chapter 7 bankruptcy removes all debts. Chapter 13 lets a borrower with and income to pay bills off over a set period of time.
Bearer: The legal owner of a property.
Bill of Sale: A document that details the transfer of property.
Biweekly Mortgage: A mortgage with payments due every two weeks, totaling 26 payments a year, two payments more than a mortgage with monthly payments. The two extra payments lowers significantly the interest paid over the life of the mortgage.
Blanket Mortgage: A mortgage that includes more than one piece of real estate
Borrower (Mortgager): An individual who makes an application for and receives funds in the form of a loan and is obligated to repay the loan in full under the conditions of the loan.
Broker: An individual who gets buyers and sellers together and helps in negotiating contracts for a client.
Buy-Down Mortgage: A mortgage loan with a lower than market rate for a determined period of time.
Buyer’s Market: Market conditions that favor buyers. When there are more properties for sale than buyers, sellers may be forced to provide price discounts to close the transaction.
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