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News about Mortgages:
Rangel had no-interest mortgage more than 10 years - Las Vegas SunRep. Charles Rangel paid no mortgage interest on a beach resort property for more than 10 years, a lawyer for the powerful House committee chairman said Friday. The New York congressman's lawyer, Lanny Davis, told The Associated Press that Rangel got ...
Former Club Owner Sentenced in Scam: Man to Pay Millions for Mortgage ... - Washington PostThe former owner of a group of Washington area nightclubs and restaurants was sentenced yesterday to nearly six years in prison for orchestrating a mortgage fraud scheme that investigators said was one of the largest ever prosecuted in Northern ...
Candidates briefed on Fannie, Freddie bailout - Seattle TimesWASHINGTON — The housing crisis took center stage on the presidential campaign trail Saturday after the Treasury Department confirmed to the candidates it was preparing a historic seizure of mortgage-finance companies Fannie Mae and Freddie Mac. In ...
Fannie, Freddie blind to the bubble - New London DayWashington - Mortgage giants Fannie Mae and Freddie Mac - despite their robust cadre of economists and mortgage experts - failed to heed warnings that the most dramatic housing bubble in U.S. history would burst. The companies - particularly Freddie ...
Rangel paid no mortgage interest on beach house - CNBCWASHINGTON - Rep. Charles Rangel paid no mortgage interest on a beach resort property for about 15 years, a lawyer for the powerful House committee chairman said Friday. The New York congressman's lawyer, Lanny Davis, told The Associated Press that ...
Obama, McCain call for changes in mortgage giants - CNN MoneyNEW YORK (Associated Press) - Democratic presidential nominee Barack Obama said Saturday that any government takeover of troubled mortgage giants Fannie Mae and Freddie Mac must put the interests of taxpayers and homeowners first. His opponent, GOP ...
Fannie and Freddie skipped hand-in-hand down the garden path - Arizona Daily StarWASHINGTON — Mortgage giants Fannie Mae and Freddie Mac — despite their robust cadre of economists and mortgage experts — failed to heed warnings that the most dramatic housing bubble in U.S. history would burst. The companies — particularly ...
U.S. plan for Fannie, Freddie to hit shareholders - Reuters IndiaWASHINGTON (Reuters) - The U.S. government plans to take over Fannie Mae and Freddie Mac and all shareholders of the two mortgage giants will take a hit, an influential lawmaker said on Saturday. The move to take control of the two companies ...
Fannie, Freddie bailout could cost $25 billion - Chicago Sun-TimesWASHINGTON---- The historic takeover of Fannie Mae and Freddie Mac, which could come as soon as Sunday, moved to the forefront of the presidential campaign Saturday as candidates and congressional leaders seized on the enormous implications for ...
Three lenders come up with a new way to tap into equity - Chicago TribuneWASHINGTON—Improbable as it sounds at a time when American homeowners have lost billions in equity holdings, a new industry is taking shape to help them tap portions of their equity without incurring traditional mortgage debt or making interest ...

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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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