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News about Mortgages:
No parole for scam man - Edmonton SunConvicted mortgage-fraud kingpin Gohar Pervez plans to dive right back into the real estate business just as soon as he is released from prison, National Parole Board documents indicate. The same documents detail the reasons for denying Pervez's ...
New fears arise in Mich., where hard times began years ago - Boston GlobeFENNVILLE, Mich. - The bad news keeps coming to Michigan, a state long stuck in recession and at ground zero in the national economic downturn. But unlike in months and years past, there are no exceptions to the despair, not even here among the ...
Paulson, Bernanke defend $700B bailout - Edmonton SunWASHINGTON (AP) — Treasury Secretary Henry Paulson expressed fresh reservations Tuesday about tapping a $700 billion bailout pool to provide mortgage guarantees to help stem soaring home foreclosures. Paulson and Federal Reserve Chairman Ben ...
'Steady as she goes' - Winnipeg SunLt.-Gov. John Harvard delivered Manitoba's provincial throne speech yesterday, outlining the NDP government's plans for the coming year. Those plans include a flurry of bans on everything from plastic bags and making phone calls while driving to ...
Natives eye power of the future - Globe and MailThe power lines that stretch across Northern Ontario, and the ones that will eventually transport much of the additional electricity needed to fuel the province's growth, all run through the traditional territory of Ontario's first nations ...
Energy prices knock inflation for loop - Ottawa SunSharply falling energy prices took the steam out of inflation last month, cutting the overall rise in Canadians’ cost of living to 2.6 per cent, down from 3.4 per cent in September. On a month-to-month basis, consumer prices fell one per cent in ...
Erie County Real Estate Transactions - Buffalo News• 31 Lanoche Court, Michael A. Young; Karen A. Young to Yijun Cheng; Li Li, $525,000. • 1 Cloister Court, Mary Michael Egan; Edmund A. Egan to Michael P. McGorry; Pamela M. McGorry, $466,000. • 73 Hampton Hill Drive, Nicholas D. Mecca; Efterpe ...
U.S. home construction sinks to record low - Winnipeg SunWASHINGTON — Construction of new homes in America plunged last month to the lowest level on records going back nearly 50 years as U.S. builders slashed production while Wall Street nosedived. Embattled homebuilders, who enjoyed a five-year boom ...
The market's down, but not my house - Boston GlobeThe 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 ...
Right track for rescue? - NewsdayFederal officials may have finally targeted their efforts to the heart of the financial crisis. By guaranteeing deposits and loans and by purchasing bank shares to rebuild reserves, the Bush administration has applied direct heat to thaw credit ...
Today's Mortgage Terms starting with F
Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac): A semi government agency that acquires conventional loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
Federal Housing Administration (FHA): A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.
Federal National Mortgage Association (FNMA or Fannie Mae): This agency purchases loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
FHA Loans: Fixed or adjustable-rate loans that are insured by the U.S. Department of Housing and Urban Development. The purpose of FHA loans is to make housing more affordable, especially for first-time homebuyers.
First Mortgage: A mortgage which is in first lien, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
Fixed Rate Loan: Fixed-rate loans have interest rates and payments that are fixed through out the term of the loan.
Foreclosure: A legal process in which a mortgaged property may be liquidated to pay off a mortgage loan that is in default.
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