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Next head of American Bankers Association backs bailout efforts - Grand Rapids PressWAYLAND -- Arthur Johnson believes lawmakers in Washington have handled the recession quite well so far. "It's obvious that the financial markets are very complex and the Treasury Department needed to act very quickly," said Johnson, who is chairman ...
Money is here for banks to lend, but where are borrowers? - MLive.comBanks took another hit last week when GMAC began lending money to General Motors' car buyers within hours after getting a federal bailout. Why can't banks pump up lending as quickly as GMAC has, a Detroit editorial demanded to know. The public and ...
Today's Mortgage Terms starting with J
Jumbo Loan: A mortgage over the $300,700 limit established by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. A jumbo mortgage tend to carry a higher interest rate than a conventional mortgage.
Junior Mortgage: A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid down first.
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