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Timeline: U.S. Credit Crunch & Financial Failures - KNx 1070NEW YORK (CBS News) ― Wall Street and Main Street have been caught up in credit market turmoil, which began in 2007 with rising defaults on mortgages made to financially shaky borrowers and spread to corporate bonds and other kinds of debt. May 17 ...
Citigroup flop exposes folly of empire-building - ThanhnienWhen he merged Citicorp and Travelers Group Inc. in 1998, Weill envisioned the ultimate financial-services empire – peddling checking accounts, stock brokerage, investment banking and commercial loans around the world. Today, five years after his ...
Inland Empire Prepares for 350,000 Foreclosures - PLANetizenLocal and regional governments in Riverside County, California, have assembled a "Red Team" task force to mitigate the impacts of the foreclosure crisis in the fastest growing region in the state. "For example, there were approximately 360,000 homes ...
Rival bloggers Ellis and Harris exemplify real estate’s angst - Seattle Business JournalTim Ellis and Marlow Harris give their internet audiences dramatically different views of the local housing market. As dailies retrench, Black expands his newspaper empire In Washington, real estate agents switch to smaller firms, or quit Sellers ...
Foreclosures, Delinquencies Among 'Prime Borrowers' Are Skyrocketing - Free Internet PressBy this year, the bleeding housing market had drained the equity from Judy Jones' home in Murrieta, but her life still seemed secure. She had a government job, after all, and a 30-year fixed-rate mortgage at 5.875%, unlike the shaky, variable-rate ...
PFF's downfall closes chapter in Inland Empire history - Inland Valley Daily BulletinThe rise and fall of the Inland Empire's most historically significant - and oldest - financial institution is a story that goes hand-in-hand with the region's economy. To customers and local residents, PFF was an icon. Mickey Gallivan, president of ...
Citigroup Flop Exposes Folly of Empire-Building: David Pauly - BloombergNov. 25 (Bloomberg) -- Sandy Weill never dreamed Citigroup Inc. would end up as a ward of the government. When he merged Citicorp and Travelers Group Inc. in 1998, Weill envisioned the ultimate financial-services empire -- peddling checking accounts ...
Michael Lewis on the Hedge Fund Manager Who Saw It Coming - MSN MoneyCentralHow did hedge fund manager Steve Eisman win big off the market meltdown? What will Wall Street look like in five years? In this third and final part of our interview, I put those questions to Liar's Poker author Michael Lewis, editor of the new ...
From Bust to Broom: Mortgage crisis a boon for foreclosure cleanup ... - Chicago TribuneFORT EDWARD, N.Y. (AP) _ Several men wordlessly carry out furniture, broken computers and boxes of garbage from a large blue house on a quiet upstate street on a brisk autumn morning. Rusting bikes and an old grill lay discarded in the overgrown ...
Foreclosures, delinquencies skyrocketing among 'prime' borrowers - Los Angeles TimesBy this year, the bleeding housing market had drained the equity from Judy Jones' home in Murrieta, but her life still seemed secure. She had a government job, after all, and a 30-year fixed-rate mortgage at 5.875%, unlike the shaky, variable-rate ...
Today's Mortgage Terms starting with D
Default: Failure to fulfill legal obligations of a contract, including failure to make payments on a loan.
Discounted Loan: When the note rate on a loan is lower than the market rate, it is a discounted loan.
Discount Point: A point paid to the lender to permanently lower or acquire down an interest rate. Money must be paid up front to lower the rate.
Down Payment: The amount of cash you must pay down initially for the purchase of your home. For conventional loans, you should aim for a down payment that's at least 20% of your home's value. The reason is lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.
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