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City Halls Call Out for Help From Obama - WXIA 11 Alive
(MSNBC.com) -- America's mayors are crying out for help from President-elect Barack Obama, seeking immediate relief from a national economic crisis that has slammed budgets in big cities, suburbs and small towns. INTERACTIVE MAP: What America's ...

The market's down, but not my house - Boston Globe
The real estate market may be tanking and values plunging. But hey, don’t look at me. My home is actually gaining value! That seems to be the attitude of a surprisingly large number of homeowners amid the current downturn, a recent AP story found ...

"Hollywood Hookah" opens on Marshall Street - Syracuse Post-Standard
Jennifer Meyers / The Post-Standard Syracuse University student Joe Raymond smokes a cinnamon ice cream flavored hookah while at Hollywood Hookah tonight. With Raymond are J.P. Placella (center) and Jake Boyajian, both of Long Island. It's not every ...

Register for FREE - Wall Street Journal
Please register to gain free access to WSJ tools. An account already exists for the email address entered. News about the Treasury ’s plan to purchase distressed assets from financial institutions monopolized headlines this week, but regardless of ...

School for the blind starts visionary newsroom - Newark Star-Ledger
Ed Murray/The Star-Ledger Judy Ortman, interim executive director of the Concordia Learning Center, is interviewed by student Indigo Estevez from Newark for the school paper. There's a buzz in the newsroom of a New Jersey start-up newspaper, and not ...

Car dealers plead for government help - Globe and Mail
K P from Newmarket, Canada writes: I look in my local paper and see photos of 14 salespeople at a local Newmarket GM Dealer. I look at that dealers lot and see it full of pick up trucks, SUVs and Vans. Why we should give money to help those ...

November 2008 - Weekly Standard
Out on the tour circuit for his new book, "How Mitt Romney, the Fake Conservative, Almost Bought the Republican Primary With His Big CEO Money" "Do the Right Thing," Mike Huckabee took a break from bashing former rival Mitt Romney to take a few ...

Nick Robinson's Newslog - bbc
With one bound they were free. The Tories are no longer committed to matching Labour's spending plans. In a speech this morning David Cameron says that his party will take another look at what government should be spending in what is likely to be ...

Housing slump could be over next year, MPs hear - Times Online
The housing market slump could be over as soon as next year if the cost of home loans falls by a further half-point, a leading housing market expert told MPs yesterday. David Miles, chief UK economist at Morgan Stanley, said that if mortgage rates ...

Home prices to slide, not crash: economist - Globe and Mail
After more than twelve years of rising real-estate values in [Toronto] prices dropped in August by 1%...September figures, released yesterday, were even worse, with prices falling 6%. The report also noted that prices in the GTA fell more than 3 ...

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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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