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News about Mortgages:
Economic turmoil makes itself felt at home - Explore Baltimore CountyAs Congress wrestled with a proposed bailout of ailing financial institutions weeks after rescuing mortgage giant Freddie Mac, large signs appeared in the windows of Cafe Hon in Hampden announcing "economic stimulus meals." One entree: Freddie Mac ...
Banks prepare for CDS pay-outs - Financial TimesBanks are hoarding cash in expectation of pay-outs on up to $400bn (£230bn) of defaulted credit derivatives linked to Lehman Brothers and other institutions, according to analysts and -dealers. This added pressure on the frozen financial system ...
Derivatives worth hundreds of billions start to unwind - Guardian UnlimitedAnxiety levels in the global financial markets were ratcheted up yesterday after credit derivatives linked to the failed US investment bank Lehman Brothers, with a face value estimated at $200bn (£118bn) to $440bn, began to be unwound. Many banks ...
Rising CDS action increases the strain - Financial TimesThe failures of Glitnir and Landsbanki not only add to the grim international roll-call of banks burnt out by the wild bushfire of the global liquidity crisis, they also lengthen the list of costly and complex tasks facing the derivatives markets ...
Mass. places homeless families in motels - Union-News & Sunday RepublicanCAMBRIDGE - If not for the car accident, Cuong Le, her husband and two young children might still be calling their Toyota Corolla home. Instead, the young couple has joined the surge in the number of homeless families in Massachusetts - a spike that ...
Banks' most pressing problem - bbcA shortage of capital is a big issue for banks, as I've been blathering on about for days (and see my note of this morning on our banks' meeting with the chancellor and request for a capital injection from taxpayers). But the really urgent issue is ...
Insurers and banks face huge CDS losses - Financial TimesThe default of up to $500bn of Fannie Mae and Freddie Mac credit derivatives contracts triggered by the US government’s seizure of the mortgage groups could result in billions of dollars of losses for insurance companies and banks who offered ...
Fannie, Freddie CDS Sellers Face Loss, Barclays Says (Update2) - BloombergSept. 12 (Bloomberg) -- Sellers of credit-default swaps on Fannie Mae and Freddie Mac debt face a loss of income because the government's rescue of the companies will force the contracts into settlement, according to Barclays Capital. The U.S ...
Smokers get the boot - Baltimore SunThe rain was bad enough. But having to stand in it just to light a cigarette was really the limit. Yesterday morning, hours after a statewide ban on smoking in public places went into effect, several patrons of a Hampden bar called Zissimos, forced ...
Monarch Bank Appoints Craig Reilly as New Virginia Beach President - MSN MoneyCentralCHESAPEAKE, Va. , Sept. 11 /PRNewswire-FirstCall/ -- Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. MNRK , today announces the appointment of W. Craig Reilly to president of the bank's Virginia Beach Region. "Craig is well-positioned ...

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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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