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News about Mortgages:
Feds seize failing Downey Savings, PFF Bank - San Gabriel Valley TribuneWASHINGTON -- U.S. regulators have shut down two banks based in Southern California, saying they fell victim to the acute distress in the housing market in that state. The failures of Downey Savings and Loan Association, based in Newport Beach, and ...
Mortgage Fraud: Why It Affects Everyone - Newport Plain TalkMortgage fraud is a very serious problem. It’s a an even bigger problem with the current state of our economy. It affects even the innocent bystander. The FBI somewhat recently released a report entitled, “2007 Mortgage Fraud Report,” which ...
Getting a Mortgage? On What Term? - Newport Plain TalkWhen exploring your options regarding a mortgage, people often overlook the most basic consideration. How long do you want to make payments? Many people automatically obtain mortgage financing that amortizes over thirty years. Amortize, according to ...
Commercial-Mortgage Bond Risk Rises After Loan Delinquencies - BloombergNov. 19 (Bloomberg) -- The cost to protect top-rated commercial-mortgage bonds against default rose to a record, a day after two bad loans boosted concern the debt will cause losses. The cost of default swaps on AAA rated bonds rose 161.8 basis ...
2 More SoCal Banks Fail, Taken Over By U.S. Bank - CBS 2 KCAL 9NEWPORT BEACH, Calif. (AP) ― Federal regulators on Friday shut down two big thrifts based in Southern California, saying they fell victim to the acute distress in the housing market in that state. The failures of Downey Savings and Loan Association ...
Loan modification program may give relief to some homeowners - Baltimore SunY ou may have seen headlines about the latest public and private efforts to help financially distressed homeowners cope with their mortgage payments. But you might not have caught key details that could have a personal impact on you or people you ...
Kenneth Harney: Mortgage help is gearing up, but are plans ... - Arizona Daily StarWASHINGTON — You may have seen headlines about the latest public and private efforts to help financially distressed homeowners cope with their mortgage payments. But you might not have caught key details that could have personal impact on you or ...
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 ...
Forecast 2009: Your home - CNN Money(Money Magazine) -- Forget the old saw that all real estate is local. What's pummeling housing prices in your nabe is the same thing that's hurting them around the country: the credit crisis. You know the drill - banks' troubles have made it harder ...
Regulators shut 3 more banks - Columbus DispatchWASHINGTON -- Federal regulators shut down two big thrifts based in southern California yesterday, saying they had fallen victim to the acute distress in the housing market in that state. The failures of Downey Savings and Loan Association, based in ...
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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