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Legal Boutiques Sue UBS, Citigroup as Large Law Firms Beg Off - Bloomberg
Nov. 19 (Bloomberg) -- When Michael McNicholas, legal counsel at HSH Nordbank AG in London, needed help suing UBS AG to recover $275 million in subprime mortgage losses, he didn't bother turning to the big London law firms for help. ``It's well known ...

Legal Boutiques Sue UBS, Citigroup as Others Beg Off (Update1) - Bloomberg
Nov. 19 (Bloomberg) -- When Michael McNicholas, legal counsel at HSH Nordbank AG in London, needed help suing UBS AG to recover $275 million in subprime mortgage losses, he didn't bother turning to the big London law firms for help. ``It's well known ...

Underdogs have their day - Vickery - Ananova
Captain Phil Vickery hailed the "special day of the underdog" and the boot of Jonny Wilkinson after England reached the World Cup final with a 14-9 victory over France. England took the lead with a try from Josh Lewsey before France converted huge ...

North Texas charities are bracing for a difficult winter - Dallas Morning News
The holidays are around the corner, and the Rev. Bubba Dailey is worried. The executive director of one of Dallas' largest homeless shelters, the Austin Street Centre, usually raises a large chunk of the charity's annual budget during the last two ...

Couple Weds After Gay Marriage Legalized in Connecticut - FOX News
Nov. 12, 2008: Jeffrey Busch and Stephen Davis, of Wilton, Conn., walk with other gay couples to Superior Court in New Haven, Conn. NEW HAVEN, Conn. — A judge cleared the way Wednesday for gay marriage in Connecticut, a victory for advocates stung ...

Council homes for life ‘to be scrapped’ - Times Online
People living in council houses will no longer be entitled to a subsidised tenancy for life under Whitehall proposals to address waiting lists. New tenants would have fixed-term contracts under the plans, with regular reviews every few years, The ...

A Question for A.I.G.: Where Did the Cash Go? - The Ledger
The American International Group is rapidly running through $123 billion in emergency lending provided by the Federal Reserve, raising questions about how a company claiming to be solvent in September could have developed such a big hole by October ...

Only 'boutique' lawyers go to bat against banks - Edmonton Journal
NEW YORK - When Michael McNicholas, legal counsel at HSH Nordbank AG in London, needed help suing UBS AG to recover $275 million in subprime mortgage losses, he didn't bother turning to the big London law firms for help. "It's well known that the ...

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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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