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Gordon Brown: give me another chance - Times Online
Gordon Brown is to appeal to the country to give him a second chance as prime minister when he makes a chastened speech to Labour’s party conference. Early drafts of Brown’s keynote address are said to strike a humble tone, acknowledging the ...

Business in brief - Independent
Share OIL: OPEC dismissed further calls to boost oil output from the US , saying the global market is well supplied and the producer group has little control over oil prices. US Energy Secretary Sam Bodman urged top exporter Saudi Arabia and OPEC to ...

Brown heads off rebellion as MP backs down over fuel windfall tax - The Independent
Gordon Brown last night avoided a damaging rebellion by Labour MPs over a windfall tax on energy companies. A rebel MP leading calls for suppliers to be hit with a one-off tax said that he no longer regarded it a "deal-breaker" in helping poor ...

BROWN AND DARLING ARE HAS BEANS - Daily Express
If incompetence were an Olympic sport, Broon and Darling would easily win gold and silver. A few months ago, the Liberal Treasury spokesman, Vince Cable, convulsed the Commons by pointing out that, since moving to No10, our sub-Prime Minister had ...

Blair: Brown should go or Labour face disaster at polls... and to make ... - Daily Mail
Tony Blair believes Gordon Brown should consider standing down as Prime Minister rather than face the humiliation of defeat at the General Election, it was claimed last night. Well-placed sources close to the former leader said he was shocked and ...

Housebuilders 'in denial' as new-home prices rise and buyers stay away - The Independent
Housebuilders are still increasing prices despite complaining of falling sales and seeking government aid. The Halifax house price index showed new homes in July cost 1.1 per cent more than a year earlier, even though prices across the whole market ...

The credit gloom'will last to 2010' - This is Money
The boss of Britain's biggest mortgage lender says the financial downturn will persist until house prices in America start to rise again - and that could take 18 months. HBOS chief executive Andrew Hornby says it could be well into 2010 before the ...

Rebel Frank Field leads calls for curbs on migrants - Times Online
The leading Labour rebel, Frank Field, has teamed up with senior Tories to demand a cap on the number of immigrants settling in Britain. In a move that will alarm Downing Street, Field will tomorrow become the first prominent Labour figure to tackle ...

Gordon Brown policies 'piling up budget deficit' - Daily Telegraph
Gordon Brown has left the public finances heading for a budget deficit almost as large as the one that triggered the 1970s International Monetary Fund bail-out, financiers have warned. Britain will have to borrow some £90?billion within two years as ...

Time to intervene to save the housing market - Guardian Unlimited
The fear of recession has loomed for months, but economic facts that emerged last week alone give real cause for alarm. The London stock market fell by 7 per cent; August car sales were the lowest for 40 years; year-on-year house prices have fallen ...

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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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