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George's Bottom Line - ABC News Blogs
George Stephanopoulos reports on events in politics, Congress and the White House for ABCNews, on the air and online. He interviews top newsmakers, discusses the events of the week and looks to the week ahead each Sunday on 'This Week.' President ...

Richardson finalized for Commerce - Politico.com
New Mexico Gov. Bill Richardson (D) is slated to be named secretary of Commerce by President-elect Obama, adding to the new administration's heavy roster of Clinton administration veterans. A top Democratic official said Richardson has passed final ...

Gerald Warner: Capitalism didn't kill the banks – socialism did - Scotland on Sunday Online
AT LAST – the death of capitalism has occurred, as so often predicted by all those rheumy-eyed revolutionaries bumming drinks off students in pubs ("See me, son, ah'm a socialist. Did ye ever read a book called The Ragged Trousered Philanthropists ...

Geithner Is Obama’s Pick for U.S. Treasury Secretary, Aides Say - Metroboston News
Summers , former President Bill Clinton’s last Treasury chief, would be positioned to succeed Ben S. Bernanke as Fed chairman in 2010. Summers will head the National Economic Council, a Democratic aide said. Obama is due to announce his economic ...

Business reports more than $40,000 stolen from safe - Buffalo News
A William Street business reported more than $40,000 in cash was stolen from an office safe between Friday evening and Saturday morning, according to a Buffalo police report. Two money bags containing $40,970 were taken from Will Poultry between 8:30 ...

Join our Bills-Chiefs live chat - Buffalo News
Buffalo News sports reporters are blogging live from the Bills-Chiefs game in Kansas City. Read it here . You can also join a live chat with fans at the BillBoard blog . Bills beat reporters Mark Gaughan and Allen Wilson and senior sports columnist ...

Transcript: Obama and Clinton Debate - ABC News
And I think those are the kind of broad issues that a president has to take into account. GIBSON: And, Senator Obama, your campaign manager, David Plouffe, said, "When he is" -- this is talking about you -- "When he is elected president, we will be ...

Axelrod: No 'potted plants' in Cabinet - Politico.com
David Axelrod, the incoming White House senior adviser, said Sunday that President-elect Obama is deliberately appointing a strong Cabinet, but said final decision will still rest with the Oval Office. “He is someone who invites strong opinions ...

Citigroup stew took years to cook - Herald Tribune
There, Citigroup's chief executive, Charles O. Prince III, learned for the first time that the bank owned about $43 billion in mortgage-related assets. He asked Thomas G. Maheras, who oversaw trading at the bank, whether everything was OK. Maheras ...

Citigroup Pays for a Rush to Risk - Times Daily
“Our job is to set a tone at the top to incent people to do the right thing and to set up safety nets to catch people who make mistakes or do the wrong thing and correct those as quickly as possible. And it is working. It is working.” Click to ...

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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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