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SEC May Curb Credit-Rating Conflicts, Delay New Mortgage Grades - Bloomberg
By Jesse Westbrook and Mark Pittman Dec. 2 (Bloomberg) -- The U.S. Securities and Exchange Commission may act to curb conflicts of interest at credit-rating companies while delaying a mortgage-bond ranking proposal faulted by underwriters, two people ...

SEC Curtails Conflicts of Interest at Moody’s and S&P (Update1) - Bloomberg
By Jesse Westbrook Dec. 3 (Bloomberg) -- The U.S. Securities and Exchange Commission, responding to criticism that Moody’s Investors Service and Standard & Poor’s Corp. contributed to the financial crisis, voted to reduce conflicts at credit ...

Roof caves in on new housing - Maine Sunday Telegram
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Deadbeat Homeowners Tap Texas Bankruptcy Laws to Duck Creditors - Bloomberg
Nov. 18 (Bloomberg) -- Homeowners fleeing underwater mortgages in California and Florida know where to come up for air: Texas. ``Texas is an extremely friendly place to live if you owe money and do not want to pay,'' said Marjorie Britt, a bankruptcy ...

Deadbeat Trend: Distressed Homeowners Dodge Creditors in Texas - US News and World Report
If you’re behind on your mortgage and looking to dodge creditors, forget the Cayman Islands--Texas is the place to be. Texas laws are apparently more lenient for debtors looking to shield assets form creditors. “Distressed borrowers can hang on ...

Texas bankruptcy laws favor debtors - Fort Worth Star-Telegram
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Transparency is Medicine to Marketplace Chaos, Says UB Law Scholar - University at Buffalo Reporter
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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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