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A house divided hard on wife - Ottawa SunQuestion: For 13 years living together, we've kept our finances separate. My spouse said all his assets will go to his daughter; only his pension will go to me. We live in my mortgage-free house; he pays for half of the overhead. He sold his house ...
Bush ignored financial warnings - Edmonton SunWASHINGTON -- The Bush administration ignored remarkably prescient warnings that foretold the financial meltdown, a review of regulatory documents shows. "Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris ...
Daily Report - Baton Rouge Business ReportThe U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday. The NBER — a private, nonprofit research organization — says its group of academic economists who determine business cycles met ...
'Black Friday' won't stave off black days ahead: Analysts - Ottawa SunWASHINGTON (AP) — U.S. retail shoppers hunting for holiday bargains on ”Black Friday” won’t be enough to stave off what’s likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims ...
River projects planned - Leader-HeraldAMSTERDAM - Development plans continue to flourish as the Mohawk River undergoes a renaissance of sorts with more new projects being developed across Montgomery County. The river runs along more than 130 miles from the Utica area all the way to ...
Falling mortgage rates spur Nevada housing interest - KRNVMortgage rates dropping after federal action to take over Fannie Mae and Freddie Mac help to spur housing interest in Nevada. So says Rob Wigton of Minden, president of the Nevada Association of Realtors, whose agents are busier now. A check of ...
Ottawa boosts mortgage buyout by $50B - Edmonton SunTORONTO — The federal government will buy another $50 billion in residential mortgages to ease the credit crunch facing Canadian banks, Finance Minister Jim Flaherty said Wednesday. The move triples the amount of insured mortgages Ottawa can buy ...
Outlook for housing starts solid - Winnipeg SunOTTAWA — Canada Mortgage and Housing Corp. says housing starts in October fell compared with the previous month but better than economists had expected. The October number came in at 211,800 on a seasonally adjusted basis, which was higher than the ...
Former FDIC leader Hove optimistic for recovery, but when? - Lincoln Journal StarAndrew “Skip” Hove, unflappable as you might wish a banker to be, has seen turmoil in the financial industry that in some ways was worse than what you’re seeing now. And in some ways it wasn’t. Now living in Lincoln, Hove was vice chairman of ...
Paulson, Bernanke defend $700B bailout - Winnipeg SunWASHINGTON (AP) — Treasury Secretary Henry Paulson expressed fresh reservations Tuesday about tapping a $700 billion bailout pool to provide mortgage guarantees to help stem soaring home foreclosures. Paulson and Federal Reserve Chairman Ben ...
Today's Mortgage Terms starting with C
Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.
Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.
Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan.
Collateral: Property pledged as security for a debt.
Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.
Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.
Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.
Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.
Credit Bureau: It is a clearinghouse for credit history information.
Credit Report: A report containing a detailed credit history of an individual.
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