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Record 9% of Americans can't make home payments - Detroit Free Press
WASHINGTON — More than 4 million American homeowners with a mortgage, a record 9%, were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis worsened, the Mortgage Bankers Association said today ...

Government plan for Fannie, Freddie to hit shareholders - Washington Post
WASHINGTON (Reuters) - The U.S. government plans to takeover Fannie Mae and Freddie Mac and all shareholders of the two mortgage giants will take a hit, an influential lawmaker said on Saturday. The move to take control of the two companies, which ...

Reuters Business Summary - Washington Post
U.S. to take control of Fannie and Freddie: reports WASHINGTON/NEW YORK (Reuters) - The U.S. government plans to put government sponsored mortgage finance companies Fannie Mae (FNM.N) and Freddie Mac (FRE.N) under federal control, the New York Times ...

Government may soon back troubled mortgage giants - Philadelphia Inquirer
WASHINGTON - The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the ...

U.S. to take control of Fannie and Freddie: reports - Reuters
WASHINGTON/NEW YORK (Reuters) - The U.S. government plans to put government sponsored mortgage finance companies Fannie Mae and Freddie Mac under federal control, the New York Times and Washington Post newspapers reported late Friday, in what could ...

U.S. plans mortgage bailout - Chicago Tribune
WASHINGTON — Senior officials from the Bush administration and the Federal Reserve on Friday informed top executives of Fannie Mae and Freddie Mac , the mortgage finance giants, that the government was preparing to seize the two companies and place ...

Lawyer: Rep. Rangel did not know of $75,000 condo income - Seattle Times
WASHINGTON — Rep. Charles Rangel, D-N.Y., did not know that the Caribbean resort villa he purchased 20 years ago was financed with a no-interest mortgage from the developer and has generated $75,000 in income that he should have reported on tax and ...

US government to take control of Fannie, Freddie-papers - Forbes
WASHINGTON/NEW YORK (Reuters) - The U.S. government plans to put government sponsored mortgage finance companies Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ) under federal control, the New York Times and ...

House Dem paid no interest on mortgage for 10 years - AZCentral.com
WASHINGTON - Rep. Charles Rangel paid no mortgage interest on a beach-resort property for more than 10 years, a lawyer for the powerful House committee chairman said Friday. The New York congressman's lawyer, Lanny Davis, told the Associated Press ...

FOR FREDDIE AND FANNIE? Government outlines a plan for seizing the ... - Herald Tribune
WASHINGTON -- Senior officials from the Bush administration and the Federal Reserve on Friday informed top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, that the government was preparing to seize the two companies and place ...

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Today's Mortgage Terms starting with F

  • Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac): A semi government agency that acquires conventional loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
  • Federal Housing Administration (FHA): A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.
  • Federal National Mortgage Association (FNMA or Fannie Mae): This agency purchases loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
  • FHA Loans: Fixed or adjustable-rate loans that are insured by the U.S. Department of Housing and Urban Development. The purpose of FHA loans is to make housing more affordable, especially for first-time homebuyers.
  • First Mortgage: A mortgage which is in first lien, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
  • Fixed Rate Loan: Fixed-rate loans have interest rates and payments that are fixed through out the term of the loan.
  • Foreclosure: A legal process in which a mortgaged property may be liquidated to pay off a mortgage loan that is in default.
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