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Mississippi AG, others urge bankruptcy change - Hattiesburg American
JACKSON — Mississippi's attorney general has joined with his counterparts in several other states to urge Congress to amend U.S. bankruptcy law to allow federal bankruptcy courts to protect families from foreclosure. Attorney General Jim Hood said ...

Obama urges quick action on $775 billion economic plan - Hattiesburg American
CHICAGO — President-elect Barack Obama urged congressional leaders Saturday to move quickly on an economic recovery plan, even as some Republicans are saying they want more time to review the details. Obama said Congress should pass an American ...

Jim Walter Homes to close branches, including one in Alexandria - Alexandria Daily Town Talk
Walter Industries, Inc. today announced the closure of Jim Walter Homes, including a branch in Alexandria, according to PRNewswire-FirstCall. Jim Walter Homes built more than 350,000 homes during its history, but has not been profitable in several ...

Walter Industries, Inc. Announces Closure of Jim Walter Homes - PR Newswire
TAMPA, Fla., Jan. 6 /PRNewswire-FirstCall/ -- Walter Industries, Inc. (NYSE: WLT) announced today the closure of its Jim Walter Homes subsidiary. Jim Walter Homes built more than 350,000 homes during its history, but has not been profitable in ...

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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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