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States press Congress, Obama for economic stimulus package - Miami HeraldWASHINGTON -- Facing financial woes at home, state officials continued to press Congress to boost the economy by giving federal money to folks they know will spend it: the unemployed, the poor and road builders, among others. The pitch to House ...
Government warned of mortgage meltdown - CNN MoneyWASHINGTON (AP) -- The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably ...
Bush Administration Weakened Lending Rules Before Crash - Huffingtonpost.comWASHINGTON — The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient ...
ANALYSIS: Looming financial crisis was ignored by Bush administration - Columbia MissourianWASHINGTON — The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient ...
Beatty takes plea deal in text message scandal - Detroit NewsDETROIT -- Wiping tears from her eyes, former Detroit mayoral chief of staff Christine Beatty pleaded guilty today to two felonies that will have her serve 120 days in jail and pay $100,000 in restitution to the city of Detroit for lying to a jury ...
AP Impact: U.S. diluted loan rules before crash - Rapid City JournalWASHINGTON -- The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient ...
Economy shrinks at fastest pace in seven years - Washington PostWASHINGTON (Reuters) - The economy contracted at its fastest pace in seven years in the third quarter as consumer spending plunged to a 28-year low, data showed on Tuesday, raising the specter of a deeper recession. Separate reports showed home ...
US economy shrinks at fastest pace in 7 years - Economic TimesWASHINGTON: The US economy contracted at its fastest pace in seven years in the third quarter as consumer spending plunged to a 28-year low, data showed on Tuesday, raising the specter of a deeper recession. Separate reports showed home prices ...
WRAPUP 2-US economy shrinks at fastest pace in seven years - ReutersWASHINGTON, Nov 25 (Reuters) - The U.S. economy contracted at its fastest pace in seven years in the third quarter as consumer spending plunged to a 28-year low, data showed on Tuesday, raising the spectre of a deeper recession. Separate reports ...
US economy shrinks as spending plunges - The AgeThe US economy contracted at its fastest pace in seven years in the third quarter as consumer spending plunged to a 28-year low, data showed, raising the spectre of a deeper recession. Separate reports showed US home prices continued their downward ...
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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