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US diluted loan rules before crash - Ithaca Journal
WASHINGTON — The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient ...

New jobless claims drop from 16-year high - Ithaca Journal
WASHINGTON — New jobless claims fell more than expected last week from a 16-year high, the government said Wednesday, though they remain at elevated levels due to the slowing economy. The Labor Department reported that initial requests for ...

Obama tells NY Times he'd do better without Fox News around - Los Angeles Times Blogs
The New York Times, of all places, has a long interview coming out Sunday with the freshman senator from Illinois, Barack Obama. In it, the Democratic presidential nominee, who's leading in most recent political polls, still bemoans the existence of ...

Cornell group: Affordable housing a sustainability issue - Ithaca Journal
ITHACA — For the cost to build an officially “affordable” house in Tompkins County, an entire village can be raised in Ecuador. The house would cost $140,000, according to the U.S. Department of Housing and Urban Development's standard for ...

A False Fix for the Mortgage Crisis - The Washington Independent.com
As the government, housing advocates and banks like Citigroup and JPMorgan Chase struggle to streamline loan modifications and stave off foreclosures, one tactic keeps coming back to life as a sure-fire weapon: the 90-day mortgage moratorium. In ...

Paterson asks Washington for help with deficit - Ithaca Journal
ALBANY — The federal government should increase spending on health care, transportation projects, food stamps and unemployment benefits to help New York and other states recover from the economic slump, Gov. David Paterson said at a congressional ...

William Smith - Newsday
Marsha Trout wouldn't take no for an answer from her bank. And you don't have to either. Bank disputes are frustrating for consumers because they're most always about money. And with banks gobbling each other up these days, customers may feel ...

The transcript follows. - Washington Post
Eugene Robinson: Hello, everybody, and welcome to our weekly free-for-all. Tomorrow we'll have the last presidential debate. If I were Bob Schieffer, I might ask "at this point, why would either of you want to be president?" The winner will have to ...

The Return of the Rabbit Ear - FOX News
Pinnacle Systems, Inc. The Pinnacle TV for Mac HDTV Mini Stick, remote control and collapsible TV antenna. The Pinnacle TV for Mac HDTV Mini Stick, remote control and collapsible TV antenna. For two generations, the "rabbit ears" antenna has been the ...

One-Third of Americans Who Sold Their Home in the Past Year Lost Money ... - PR Newswire
SEATTLE, Nov. 12 /PRNewswire/ -- Home values in the United States posted their seventh consecutive quarterly decline, falling 9.7 percent year-over-year to a Zillow Home Value Index(1) of $202,966, according to the third quarter Zillow Real Estate ...

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Today's Mortgage Terms starting with P

  • Payment Cap: A limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
  • Point: A point is equivalent to 1 percent of a mortgage loan. Lenders might charge "origination points" to cover expenses of processing a loan. Some borrowers might pay "discount points" to reduce the loan's interest rate.
  • Pre-Approval: The process of calculating how much money a potential homebuyer could borrow.
  • Prepayment Penalty: A lender's charge to the borrower for paying down the loan before the end of its term.
  • Pre-Qualification: A non-binding process of calculating how much money a potential homebuyer can borrow before applying for a loan. Information submitted during pre-qualification is subject to verification at application.
  • Principal: It is the amount of money borrowed or owed, excluding interest.
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