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Stocks tumble as bailout plan fails in House - Rutland Herald
NEW YORK — Wall Street's worst fears came to pass Monday when the government's financial rescue plan failed in Congress and stocks plunged precipitously — hurtling the Dow Jones industrials down nearly 7 percent. The almost 780-point decline was ...

Citigroup to buy Wachovia banking - Rutland Herald
NEW YORK — Citigroup agreed Monday to purchase Wachovia's banking operations for $2.1 billion in a deal arranged by federal regulators, making the Charlotte, N.C.-based bank the latest casualty of the widening global financial crisis. The deal ...

Vermonters voice their frustrations about bailout on the streets - Times-Argus
MONTPELIER – Jessica Moseley of Montpelier remembers hearing about The Depression and the panic of the people. "This is very scary," she said, admitting that she's thought about withdrawing her money from the bank. "If there's some kind of a crash ...

Rate of delinquencies and foreclosures increases - WCAX
RUTLAND, Vt. (AP) - The number of Vermont homeowners falling behind on their mortgage payments rose a half a percent to 3.9% in the second quarter but the state's rate of mortgage delinquencies and foreclosures continues to lag behind the rest of the ...

GMAC Financial to close retail offices - Times-Argus
LOS ANGELES — Lender GMAC Financial Services said Wednesday it will close all of its 200 retail offices and lay off about 5,000 employees as part of a plan to reduce its mortgage lending and servicing operations because of the housing market ...

Housing future rests on 4 keys - Rutland Herald
You know the problem well. The housing market's a mess. So banks and brokers that were involved in mortgages are a mess. As a result, consumers and businesses are having trouble borrowing money, and economies worldwide are slowing. Analysts each day ...

Paulson urges quick action - Rutland Herald
WASHINGTON — With financial markets on a stomach-churning roller coaster ride, Treasury Secretary Henry Paulson says time is of the essence for Congress to pass a $700 billion rescue package for financial firms drowning in a sea of bad mortgage ...

Welch: Fannie, Freddie CEOs shouldn't get 'golden parachutes' - Burlington Free Press
Rep. Peter Welch has introduced legislation to prevent the ousted chief executives of Fannie Mae and Freddie Mac from receiving as much as $25 million in severance pay unless authorized by Congress, officials for Welch said this week. Welch was first ...

Oil falls below $100 a barrel ahead of Opec meeting - Times Online
Oil prices slumped to below $100 a barrel today ahead of the start of today's Opec meeting in Vienna, putting more pressure on the oil producers' cartel to cut supply to the markets. The fall to $99.56 a barrel takes the price of crude to a five ...

BCL Legal Offers Specialist Recruitment Service to Legal Executives ... - WebWire
BCL Legal is a full service legal recruitment agency with offices in Manchester, Leeds, Bristol, Liverpool, Reading and Birmingham. Due to the ongoing success of our Midlands office we have now launched a specialist team dedicated to the recruitment ...

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Today's Mortgage Terms starting with P

  • Payment Cap: A limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
  • Point: A point is equivalent to 1 percent of a mortgage loan. Lenders might charge "origination points" to cover expenses of processing a loan. Some borrowers might pay "discount points" to reduce the loan's interest rate.
  • Pre-Approval: The process of calculating how much money a potential homebuyer could borrow.
  • Prepayment Penalty: A lender's charge to the borrower for paying down the loan before the end of its term.
  • Pre-Qualification: A non-binding process of calculating how much money a potential homebuyer can borrow before applying for a loan. Information submitted during pre-qualification is subject to verification at application.
  • Principal: It is the amount of money borrowed or owed, excluding interest.
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