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We all live in Pottersville Now - Huffingtonpost.comUsually when governments nationalize an industry they have a plan. Now that Hugo George Chavez Bush has nationalized the guarantor of all the mortgages and the reinsurer of all the insurers, what is he going to do with it? For one thing, it is going ...
Family under the foreclosure gun - Recorder Community NewspapersMENDHAM – Valerie and Gary Sylvester and their five children don’t want to become another casualty in the subprime mortgage scandal that has been the focus of worldwide economic blues. But unless the Sylvesters get some last-minute help, they ...
Bankers try to allay local fears - Recorder Community NewspapersAs the nation’s largest banks literally choke over enormous debt from bad mortgages, area banks are still hungry and open for business, according to bank officials. The financial crisis on Wall Street has led to a series of stunning events: the ...
What the Peace Movement Has Wrought and Opportunities for the Future - Common DreamsMillions of peace activists throughout the United States and the world were unable to prevent the Iraq War from starting and likewise, have been unsuccessful in stopping it. Some might say that the peace movement has been a failure. However ...
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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