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News about Mortgages:
Mortgage giants extend suspensions of foreclosures - Associated PressWASHINGTON (AP) -- Mortgage giants Fannie Mae and Freddie Mac said Thursday they will extend the suspension of foreclosure sales and evictions from single-family homes through the end of January. The companies had suspended foreclosures through the ...
GMAC gets $5B from Treasury Department - Birmingham Business JournalThe U.S. Treasury Department will buy $5 billion in senior preferred equity from GMAC LLC and lend General Motors Corp. as much as $1 billion so GM can participate in GMAC’s rights offering toward GMAC becoming a bank holding company. In a release ...
Investors buy $558 million in mortgages from FDIC - Associated PressWASHINGTON (AP) -- A group of private investors including former executives of Countrywide Financial Corp. has purchased $558 million in home mortgages from the government in a deal involving assets of the failed First National Bank of Nevada, the ...
Long-Term Mortgage Rate Falls Again - Wall Street JournalLong-term home-mortgage rates dropped again this week, with the 30-year fixed-rate mortgage hitting a fourth consecutive low in the history of Freddie Mac's weekly survey. The 30-year mortgage averaged 5.01% for the week ended Jan. 8, down from last ...
Handling Home Payments Loses Profit Luster as Bad Loans Pile Up - BloombergJan. 9 (Bloomberg) -- Bank of America Corp., GMAC LLC, and WL Ross & Co. are among mortgage servicers that have endured billions of dollars in unexpected costs and added thousands of workers to handle rising foreclosures, denting a business once ...
GMAC backs ailing affiliate - Fort Wayne Journal GazetteNEW YORK – GMAC LLC, the financing arm of automaker General Motors Corp., said Thursday that it has made progress in restructuring its ailing home mortgage subsidiary but didn’t go as far as to guarantee its future. Residential Capital LLC, which ...
Home-Mortgage Rates' Next Stop: Below 5% - Wall Street JournalThe Federal Reserve's plan to buy half a trillion dollars of mortgage-backed securities by June 2009 boosted the mortgage-bond market Wednesday, and more gains are expected in this market for securities guaranteed by the congressionally chartered ...
Stocks end mostly higher after Democratic senators, Citigroup reach ... - Los Angeles TimesA deal to help head off more mortgage foreclosures pulled Wall Street out of a slump Thursday, giving stocks a mostly higher close. Democratic lawmakers reached an agreement with Citigroup to let bankruptcy judges alter loans in an effort to prevent ...
As mortgage rates slide, applications to refinance have gone through ... - Dallas Morning NewsHomeowners are taking advantage of the drop in mortgage rates, lenders say, with refinancing applications rising 500 percent since October. But applications for new home loans have not followed suit, as buyers remain wary about the economy or wait to ...
Smyrna mortgage lender closes; employees ‘in shock’ - Atlanta Journal ConstitutionIndependent mortgage banker Sunshine Mortgage Corp. abruptly shut its doors Thursday, employees said. It’s not immediately clear what impact that will have on pending mortgage closings, but one employee said they are trying to move customers with ...
Today's Mortgage Terms starting with D
Default: Failure to fulfill legal obligations of a contract, including failure to make payments on a loan.
Discounted Loan: When the note rate on a loan is lower than the market rate, it is a discounted loan.
Discount Point: A point paid to the lender to permanently lower or acquire down an interest rate. Money must be paid up front to lower the rate.
Down Payment: The amount of cash you must pay down initially for the purchase of your home. For conventional loans, you should aim for a down payment that's at least 20% of your home's value. The reason is lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.
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