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Kashkari defends bailout from assertions of critics - Thehill.comThe Treasury Department’s point person on overseeing the $700 billion financial rescue defended the heavily criticized program and said that it has helped stabilize the financial system. Assistant Treasury Secretary Neel Kashkari said that the ...
Operation Fresh Start Homes Sitting In Idle Market - Channel 3000The nonprofit organization trains youth by building homes, but now it is sitting on 10 finished, unsold homes. "We have about 10 homes on the market right now," said Judy Olson. "Most of the homes are in Madison, a couple in Sun Prairie." Former ...
Interest rates drop to 300-year low but plunging confidence is real ... - ScotsmanSO, WHERE do we go from here? Yesterday, the Bank of England cut interest rates by half a point to 1.5 per cent – the lowest level in its 300-year history. But it was coolly received by business and financial markets. "Too timid," said the ...
Who locally could see state IOUs instead of cash? - Bakersfield CalifornianA local lawmaker said Wednesday he’d fight in court or through legislation any issuing of IOUs instead of cash state tax refunds as officials have warned they might have to. State Controller John Chiang has projected California will run out of ...
Pawn shops profit in recession - Record-JournalHard economic times have sent people rummaging through their jewelry boxes and attics looking for valuables to turn into cash at pawn shops. Some are even searching their tool boxes. The housing bubble burst and it’s been raining construction tools ...
House prices in biggest annual fall - Cambridge NewsHouse prices fell by 15.9% during 2008, the biggest annual drop on record, new figures showed. The average cost of a UK home dropped by a further 2.5% in December, dashing hopes that November's slide of 0.4% marked a stabilisation in the rate at ...
Retailers ease Christmas fears but still gloomy - EurActiv.comLONDON (Reuters) - Three of the country's biggest retailers reported better-than-feared Christmas sales figures on Tuesday but warned rising unemployment and plunging house prices would blight trading for months to come. The cautionary comments from ...
N.J. housing market slide provides opportunity for first-time buyers - Newark Star-LedgerIn a wooded neighborhood of Raritan Township, Sarah Nojiri walks through an empty colonial with a dining room big enough to fit the large furniture her grandmother gave her. She can't wait to hold family dinner parties inside her first home, and she ...
CBS Soap Opera Recap: January 8 - CBS 46Paul informs Nikki that Marge has resurfaced and is claiming to be Kay. Later, Paul and Nikki discuss Gloria's involvement in the face cream scandal. Paul admits he is working for Michael on Gloria's case. Nikki then admits to Paul that she fears ...
Recession sparks gold coin rush - Dubuque Telegraph HeraldAs the recession spreads, so too does the clamor for gold bars and coins, assets less likely to go up on smoke like so many derivatives and asset-backed securities. DENVER -- Investors who have forsaken shaky financial markets for the safety of gold ...
Today's Mortgage Terms starting with M
Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.
Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.
Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.
Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.
Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).
Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.
Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.
Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment.
Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment.
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