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Mortgage Rates Near a Year High - Wall Street Journal
Home-mortgage rates are nearing their highest levels in a year, adding to pressures on the already weak housing market. Rates on conforming 30-year fixed-rate mortgages rose by nearly 0.40 percentage point in the past week to an average of 6.71 ...

Fannie's new watchdog: All bark? - CNN Money
NEW YORK (Fortune) -- Backers of the housing rescue bill have been trying to reassure skeptics in Congress by pointing to the bill's creation of a new world-class regulator for Fannie Mae and Freddie Mac. But opponents doubt any watchdog will have ...

News roundup: Deal on housing package; mortgage rates increase - USA Today Blogs
CNN and Yahoo News lead with the "assault on Texas" by Hurricane Dolly. The Wall Street Journal says lawmakers "have largely hammered out a compromise deal on a mammoth housing package" that was designed to ensure the stability of Fannie Mae and ...

Mortgage giants are crucial to the housing market - Austin American-Statesman
CHICAGO — Behind their down-home names, Fannie Mae and Freddie Mac are so vital to the economy that the government is scrambling to offer them a financial lifeline. But what exactly are they, and what do they do? They are the engines behind a ...

Wall Street looks to extend gains as oil continues to tumble - Los Angeles Times
NEW YORK (AP) _ Wall Street looked to extend its gains Wednesday as oil retreated again and investors turned a bit more hopeful about the economy. Oil prices fell further after dropping more than $3 a barrel in the previous session as Hurricane Dolly ...

The slump persists: Home sales tumble across US - My West Texas
WASHINGTON - Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades. The National Association of Realtors reported that sales dropped by 2.6 percent ...

Rescue of mortgage giants could reach $25 billion - Seattle Post Intelligencer
A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday. That estimate came as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to ...

Rescue of mortgage giants could hit $25 billion - Philadelphia Inquirer
WASHINGTON - A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help ...

Owner of foreclosed home in Mass. found dead after telling mortgage co ... - Minneapolis Star Tribune
McCain has Berlin moment too _ in little Berlins NTSB investigates near collision at O'Hare FEMA seeks immunity from suits over trailer fumes 'Pantyhose Bandit' causes sheer annoyance in Mass. Unknown disease killing off Florida's state tree TAUNTON ...

Potential impact of federal housing package - San Francisco Gate
del.icio.us The House approved on Wednesday and President Bush dropped his opposition to a far-reaching housing package designed to reinvigorate the real estate market and economy, shore up mortgage giants Fannie Mae and Freddie Mac, and assist ...

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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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