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News about Mortgages:
Mortgage relief at last, if the banks play ball - News.com.auTHE Rudd Government and homeowners can today look forward to the first piece of good interest rate news in more than seven years - a 0.25 per cent cut. And the Government last night prepared for the long-awaited rates cut by pledging a $76 billion ...
Canadians support government's handling of economy: Flaherty - Globe and MailDavid Hogg from Victoria, Canada writes: Mr. Flaherty and his cabinet colleagues are economic heroes and legends in their own tiny little minds. The biggest difference in the US economy and ours is reflected in the mortgage market and housing market ...
Government may soon back troubled mortgage giants - WTOP RadioYou and me. Us taxpayers. Sheesh, I sure don't want to pay for other person's greed - in the banking industry making the loans, or mortgage debtors too dumb to know they overextended themselves. The bank loaners need to accept responsibility but so ...
Lehman may split off weak holdings - International Herald TribuneNEW YORK : Lehman Brothers, the ailing Wall Street investment bank, is working toward a radical solution in its fight for survival: splitting itself into a "good" bank and a "bad" one. Lehman, which has been searching for a financial lifeline from ...
Federal relief - Concord MonitorAllenstown is offering to buy more than a dozen flood-prone properties with a $2.1 million federal grant, part of a town-wide effort to clear risky areas of people, possessions and homes. Emergency management officials hope residents are willing to ...
Lehman weighs splitting in two to rid itself of troubling loans - International Herald TribuneLehman Brothers, the ailing Wall Street bank, is working toward a radical solution in its fight for survival: Splitting itself into a "good" bank and a "bad" one. Lehman, which has been searching for a financial lifeline from outside investors, is ...
Associations win grant rates battle - InsideHousingHousing associations are to be offered more generous government grants in a bid to keep them building through the housing market crisis. The Communities and Local Government department this week announced plans to deliver 5,500 more social homes over ...
Day of the vampire: HBO's sexy, scary 'True' the latest to stoke our ... - AZCentral.comIt's a great time for bloodsuckers, and we don't mean the folks who work in the mortgage industry. Vampires are among us, if not literally (and some who file their own fangs would dispute even that), then at least in arts and culture. The release of ...
Gustav revives fears of Katrina - Baltimore SunCHALMETTE, La. - A big sign at the harbor here encourages: "Think Positive, St. Bernard!" But after three years in a government trailer, Beth Basile is finding that hard to do. Nearly every structure in St. Bernard Parish, east of New Orleans, was ...
Banks earn $225,000 a day by keeping credit card rates high - News.com.auTHE big banks are earning nearly $225,000 a day by refusing to deliver the Reserve Bank's interest rate cut to thousands of credit card customers. The major banks have not reduced credit card rates, despite the rush to slash home loan and mortgage ...

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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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