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Local trio in House explains votes against bailout bill - Crain's Cleveland BusinessThough they don’t always see eye to eye on many issues, the three area members of Congress were united in their opposition to the financial bailout that failed to pass the U.S. House of Representatives on Monday. Democrat Dennis Kucinich and ...
High-end properties continue to sell in Northeast Ohio, but housing ... - Cleveland Plain Dealer BlogChuck Crow/The Plain Dealer This home at 800 Meadowview Lane in Gates Mills sold for $1.6 million in August. Local Realtors say high-end homes are still selling despite the housing market downturn. Never mind rapid inflation and falling home prices ...
eBay auctions become house flippers' tools - Cleveland Plain Dealer Blog"NICE, CLEAN, Nicer!" shouts the eBay offer, boasting of a century-old duplex with great hardwood floors in a quiet Cleveland neighborhood. At this East 72nd Street house, "nice" means windows boarded, siding stripped, kitchen counters missing ...

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Today's Mortgage Terms starting with F
Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac): A semi government agency that acquires conventional loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
Federal Housing Administration (FHA): A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.
Federal National Mortgage Association (FNMA or Fannie Mae): This agency purchases loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
FHA Loans: Fixed or adjustable-rate loans that are insured by the U.S. Department of Housing and Urban Development. The purpose of FHA loans is to make housing more affordable, especially for first-time homebuyers.
First Mortgage: A mortgage which is in first lien, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
Fixed Rate Loan: Fixed-rate loans have interest rates and payments that are fixed through out the term of the loan.
Foreclosure: A legal process in which a mortgaged property may be liquidated to pay off a mortgage loan that is in default.
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