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Shock worldwide interest rate cuts, including 0.5% in UK - Times OnlineCentral bankers around the world took emergency action to end the market meltdown today with co-ordinated interest rate cuts designed to give the global economy a lift in the face of recession. The Federal Reserve led the way, slashing its key ...
Homelessness hits record high - Boston GlobeDespite a pledge by Governor Deval Patrick to end homelessness, the number of homeless people in the state is at a record high and likely to rise because of the mortgage crisis and continuing surge in foreclosures. With homeless shelters filled to ...
Rogers: Senate improved bailout bill - Commonwealth JournalSomerset — The last time around, Somerset’s own Congressman Harold “Hal” Rogers was one of only two Kentuckians in the U.S. House of Representatives to support the $700 billion bailout of the nation’s troubled financial industry, which fell ...
Credit available, local businesses say - Tribune-DemocratSales of homes and cars have fallen off in the greater Johnstown region, but professionals in both industries aren’t willing to place the blame on tightening credit. The housing market in Cambria and Somerset counties has fallen off considerably ...
Affordable housing reality - tons of applicants - Bridgeton NewsThe mortgage crisis, Wall Street troubles and overall economic collapse of the last several months apparently have increased the demand for public housing in South Jersey. In fact, desperation may be more appropriate than demand - and if it isn't at ...
Proposed bill would compensate families of fallen firefighters - MyCentralJersey.comFRANKLIN (Somerset) — Chief Daniel Krushinski of the East Franklin Fire Department hand-delivered to Gov. Jon Corzine the draft of what he hopes will become a bill that would give money to the families of firefighters killed in the line of duty ...
Local banks OK despite crisis - Recorder Community NewspapersAs the nation’s largest banks literally choke over enormous debt from bad mortgages, the smaller community banks find themselves in a better position, according to several local bank officials. The financial crisis on Wall Street has led to a ...
Downing Street summit after bank chaos hits shares and savers - Times OnlineGordon Brown and Alistair Darling were tonight meeting with finance chiefs to discuss the recapitalisation of the UK banking system after a turbulent day on the markets which also saw British savers hit by the collapse of the Icelandic bank Icesave ...
Congress must act for Main St. - Recorder Community NewspapersWe are flabbergasted that seven of the 13-member state Congressional delegation voted against the administration’s financial market rescue plan, including Rep. Rodney Frelinghuysen, R-11. No region of this country has more to lose by a Wall Street ...
McCain, that one clash over economy's collapse - Bridgeton NewsNASHVILLE, Tenn. - Barack Obama and John McCain clashed repeatedly over the causes and cures for the worst economic crisis in 80 years Tuesday night in a debate in which Republican McCain called for sweeping action by the government to directly ...

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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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