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News about Mortgages:
Fitch Affirms Merrill Lynch Mortgage Trust 2008-C1; Assigns Outlooks - EarthtimesCHICAGO - (Business Wire) Fitch Ratings affirms the following classes of Merrill Lynch Mortgage Trust 2008-C1 and assigns Outlooks as follows: --$16.9 million class A-1 at 'AAA'; Outlook Stable; --$55.6 million class A-2 at 'AAA'; Outlook Stable ...
Fannie Mae, Freddie Mac halting foreclosures - Reading EagleWASHINGTON - Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season. The two companies said Thursday that they will halt foreclosure sales between Nov. 26 and Jan. 9 ...
U.S. Probes Wachovia Mortgage Lending - Street.ComNEW YORK -- The Department of Justice and the Securities and Exchange Commission are investigating the mortgage-lending practices of Wachovia ( WB Quote - Cramer on WB - Stock Picks ) , according to media reports Thursday. Prosecutors are examining ...
Indian American pleads guilty to $33 mn mortgage fraud - Times of IndiaNEW YORK: Indian American Vijay K. Taneja, popular in the community for his mega Bollywood shows in the US, has pleaded guilty to a massive $33 million mortgage fraud, the Federal Bureau of Investigation (FBI) has said. The money was apparently used ...
Downey Seized, Sold to U.S. Bancorp as Mortgage Fallout Spreads - BloombergNov. 22 (Bloomberg) -- Seizure and sale of Downey Financial Corp. and two smaller lenders may cost the FDIC more than $2 billion as foreclosures rise and home prices extend declines in the worst housing slump since the Great Depression. U.S. Bancorp ...
How mortgage rates are set - Grand Forks HeraldInterest rates are often a mystery for many people applying for home loans. How is it possible, for instance, for mortgage rates to rise after the Federal Reserve cut its benchmark interest rate, which was what happened in late October? Then, in the ...
FDIC's Bair pushes aggressive mortgage plan - CNN MoneyNEW YORK (CNNMoney.com) -- In a surprise move, FDIC Chairwoman Sheila Bair Friday unveiled details of her plan to have the government help delinquent homeowners. There are two key elements to the proposal. First, housing payments for delinquent ...
Meltdown 101: What is mark to market accounting? - Associated PressNEW YORK (AP) -- In all the finger-pointing about the credit crisis, there's one unusual suspect: an accounting standard. Critics say the standard called "mark to market," or "fair value," is one cause of the nation's financial woes. Others contend ...
U.S. Muslim leaders denounce al Qaeda's slur toward Obama - CNNNEW YORK (CNN) -- Spiritual leaders of New York's African-American Muslim communities lashed out Friday at a purported al Qaeda message attacking President-elect Barack Obama and, using racist language, comparing him unfavorably to the late Malcolm X ...
Pressure on Citigroup builds, shares fall below $4 - Bridgeton NewsNEW YORK (AP) — Pressure intensified on Citigroup to sell part or all of itself as its stock fell below $4 a share on Friday and fears escalated about future loan losses. CEO Vikram Pandit told managers earlier in the day he opposes breaking up the ...
Today's Mortgage Terms starting with I
Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
Initial Rate: The rate charged for the first interval of an ARM loan.
Interest: Compensation in the form of money paid for the use of money.
Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
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