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Minn. AG wants mandatory mediation in foreclosures - Minnesota Public Radio
St. Paul, Minn. — Minnesota Attorney General Lori Swanson today called for the state to require banks to negotiate with homeowners before foreclosing on properties. Swanson said her office has had some success with voluntary mediation in a number ...

FOR THE RECORD - Register-Guard
Davenport-Vongsy — Teresa Davenport and Steve Vongsy, of Cottage Grove, a daughter. Fuller — Rebecca and David Fuller, of Springfield, a son. Clark — Leanna and Brandon Clark, of Springfield, a female. Cordell — Sarah Hagel and Devin Cordell ...

Cottage Grove family seeks medical help in China - KARE
When he wants to move, nothing gets in Andrew Neuman's way, not even something most of us would consider an obstacle. You see this Cottage Grove four-year-old is blind. As Andrew climbs all over a recliner, his dad, Tony Neuman says, "He likes to get ...

Orange Grove: Bailout plan could mutate into a gravy train of tax ... - Orange County Register
Exit polls suggest President-elect Barack Obama won largely because of our economic distress. With the White House in Democratic control, and the Democratic congressional majority expanded, new economic stimulus plans will emerge, all centered on new ...

Baby boomers delay retirement as assets decline - Kansas City Star
Nancy Davis, a 59-year-old senior marketing manager for a law firm in San Diego, had hoped to ease into her retirement in two years, after her son finished college. But “I may be 70 before I retire at this point,” she said earlier this month ...

Week in review - Glendale News-Press
City Treasurer Ron Borucki will seek reelection for the post he’s held for nearly 10 years, he announced this week, conceding that extraordinary market changes and federal intervention had prompted him to reconsider his earlier decision to retire ...

Big discounts push increase in September home sales - Minneapolis Star Tribune
With the stock market skidding and the credit markets in disarray, Marissa McDonald and Travis Gehling are paying close attention to what's happening in the economy. None of that, however, will deter them from buying a house, McDonald said, as they ...

Obama Benefited From Shady Rezko Deals - NewsMax.com
According to his first book, "Dreams from My Father," published in 1996, Sen. Barack Obama claims that he was a champion of the little people. "In my legal practice, I work mostly with churches and community groups, men and women who quietly build ...

Two state companies win in business contest - Milwaukee Journal Sentinel
Eso Technologies Inc. was recognized for investor interest in reading its business plan. The medical device company has offices in three Wisconsin cities and designs and develops esophageal cardiac monitoring devices. ByzMed LLC of Cottage Grove was ...

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Today's Mortgage Terms starting with M

  • Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.
  • Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.
  • Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.
  • Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.
  • Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).
  • Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.
  • Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.
  • Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment.
  • Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment.
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