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Investors buy $558 million in mortgages from FDIC - Miami Herald
WASHINGTON -- A group of private investors including former executives of Countrywide Financial Corp. has purchased $558 million in home mortgages from the government in a deal involving assets of the failed First National Bank of Nevada, the ...

Obama keeps Republican FDIC chair - CNN Money
WASHINGTON (Reuters) -- Democratic President-elect Barack Obama intends to retain Federal Deposit Insurance Corp. head Sheila Bair, who has pushed for fast mortgage modifications, according to a report Wednesday. Citing Democratic officials, The Wall ...

UPDATE 1-Obama plans to keep Republican FDIC chair Bair-WSJ - FXStreet.com
WASHINGTON, Jan 7 (Reuters) - Democratic President-elect Barack Obama intends to retain Federal Deposit Insurance Corp head Sheila Bair, who has pushed for fast mortgage modifications, according to a report on Wednesday. Citing Democratic officials ...

Investors buy $558 million in mortgages from FDIC - Idaho Statesman
WASHINGTON — A group of private investors including former executives of Countrywide Financial Corp. has purchased $558 million in home mortgages from the government in a deal involving assets of the failed First National Bank of Nevada, the ...

PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans (Update3) - Bloomberg
Jan. 7 (Bloomberg) -- Private National Mortgage Acceptance Company LLC , an investor in troubled mortgages run by a former president of Countrywide Financial Corp., bought $558 million of home loans that the Federal Deposit Insurance Corp. acquired ...

FDIC Makes A Deal - Forbes
America has been burned by fancy mortgages , but that isn't stopping the U.S. government from doing some financial engineering with the ruins of the home finance business. On Wednesday, Uncle Sam got a bunch of bad loans off his books in a ...

TOP 10 STORIES OF 2008: No. 10 -- FDIC takes reigns from Franklin Bank - Athens Daily Review
Franklin Bank, SSB, Houston, was closed in early November by the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation (FDIC) was named receiver. Franklin had seven branches in Henderson County, including two ...

Shared Ownership Mortgages & Shared Equity Mortgages what you need to ... - PR Inside
With all the doom and gloom over housing market, you might be surprised to know that this is a fantastic time to buy a house via a Shared Ownership & Shared Equity scheme. Even if you have bad credit. You can get a great mortgage deal with the ...

Good news for some borrowers is another hammer-blow for savers - Times Online
The lowest interest rates in the Bank of England's 315-year history will widen the growing and increasingly fractious divide between the nation's borrowers and savers. Britain's army of savers, many of them pensioners, have watched in despair as ...

Wells Fargo chief unsure how many jobs will be cut - Forbes
Wells Fargo & Co. chief executive John Stumpf said Wednesday he does not know how many jobs will be cut as his bank absorbs Wachovia Corp., but he said it was a priority to keep losses at a minimum. Stumpf said in an interview with The Charlotte ...

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Today's Mortgage Terms starting with B

  • Bankruptcy: A legal procedure in a federal court to relieve certain debts of a person or a business that is no longer able to pay its debts. Chapter 7 bankruptcy removes all debts. Chapter 13 lets a borrower with and income to pay bills off over a set period of time.
  • Bearer: The legal owner of a property.
  • Bill of Sale: A document that details the transfer of property.
  • Biweekly Mortgage: A mortgage with payments due every two weeks, totaling 26 payments a year, two payments more than a mortgage with monthly payments. The two extra payments lowers significantly the interest paid over the life of the mortgage.
  • Blanket Mortgage: A mortgage that includes more than one piece of real estate
  • Borrower (Mortgager): An individual who makes an application for and receives funds in the form of a loan and is obligated to repay the loan in full under the conditions of the loan.
  • Broker: An individual who gets buyers and sellers together and helps in negotiating contracts for a client.
  • Buy-Down Mortgage: A mortgage loan with a lower than market rate for a determined period of time.
  • Buyer’s Market: Market conditions that favor buyers. When there are more properties for sale than buyers, sellers may be forced to provide price discounts to close the transaction.
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