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AP IMPACT: They warned us, but US eased loan rules - Associated Press
WASHINGTON (AP) -- The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably ...

EU, Australia toast new wine deal - Lexington Herald-Leader
BRUSSELS, Belgium -- The European Union and Australia signed an agreement Monday that will protect such European names as "Champagne" in Australia while further opening European markets to wines from Down Under. The deal will give geographical ...

Obama works to 'hit the ground running' with Congress - Detroit Free Press
WASHINGTON — As President-elect Barack Obama looks toward Inauguration Day, coordination with Congress could produce a remarkable result: Democrats may try to pass an economic stimulus bill even before Obama takes office Jan. 20, and have it on his ...

AP: Administration skirted warnings of mortgage woes - Arizona Daily Star
WASHINGTON — The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient ...

Council again rejects LCCAA mortgage - Morning Journal
LORAIN — A new proposal. The same result. City Council again narrowly rejected, by a 6-4 vote, a proposal last night that would have allowed the city to buy two mortgages for the Lorain County Community Action Agency's downtown offices at 502 and ...

Mortgage warnings went unheeded - Rocky Mountain News
The Bush administration backed off proposed crackdowns on no-money- down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that ...

Does mortgage problem deepen next year? - Bloggingstocks.com
The conventional wisdom is that if housing does not improve, the economy does not improve and the credit crisis does not go away. This may be a case where the consensus is right. According to The Wall Street Journal, " TransUnion LLC, which analyzed ...

Mortgage holders to enjoy big savings - ninemsn
Many homeowners can expect to save nearly $200 a month on an average mortgage after the Reserve Bank chopped another full percentage point off the cash rate. The central bank made another hefty interest rate cut following its monthly board meeting ...

Mortgage-crisis warnings ignored - Philadelphia Inquirer
WASHINGTON - The Bush administration ignored warnings of a financial meltdown and backed off proposed curbs on no-money-down, interest-only mortgages years before the collapse, buckling to resistance from some of the same banks that now have failed ...

Feds dropped home-loan crackdown, records show - San Francisco Gate
Tuesday, December 2, 2008 The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored ...

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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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