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Fitch Withdraws Washington Mutual Bank's Credit Card Seller/Servicer ... - Earthtimes
NEW YORK - (Business Wire) Fitch Ratings takes the following action on Washington Mutual Bank's (WMB) Credit Card Seller/Servicer Rating: --ABS Credit Card Seller/Servicer rating of 'Proficient Plus'; Rating Watch Negative withdrawn. The rating ...

Former WaMu facility in Albion escapes Chase cuts - Democrat and Chronicle
The Washington Mutual call center in Albion, Orleans County, will stay open even as the new corporate parent, JPMorgan Chase & Co., makes cuts in other parts of the combined companies' operations. JPMorgan Chase officials made the announcement today ...

A Bank, and a Banker, Flush With Honor - Washington Post
B. Francis Saul II asked Capital One to keep up Chevy Chase's commitments to local charities. (By Rich Lipski -- The Washington Post) Over the past 30 years, Frank Saul has built Chevy Chase into what is arguably the best banking franchise in the ...

U.S. Bancorp Bets on Los Angeles, Taking on Bank of America - Bloomberg
Dec. 5 (Bloomberg) -- Los Angeles residents already know U.S. Bancorp because the city’s tallest building bears its name. Now, the Minneapolis company is courting locals and taking aim at Bank of America Corp., its top rival in the region. The 72 ...

Chase to cut 9,200 jobs - Newark Star-Ledger
JPMorgan Chase said yesterday it will cut a total of 9,200 jobs at Washington Mutual, which it ac quired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis. Of the 9,200 jobs being eliminated as ...

Bear Stearns Wins Dismissal of Investor Suits Over Sale Deal - Bloomberg
Dec. 5 (Bloomberg) -- Bear Stearns Cos. won dismissal of investor lawsuits challenging the bank’s buyout by JPMorgan Chase & Co. , with a judge finding company officials pursued the deal to prevent a “potentially cataclysmic” bankruptcy. State ...

9,200 Wa-Mu pink slips to be handed out - ABC 15 News
Pink slips are being handed out at Washington Mutual, according to a Monday report. JPMorgan Chase said Monday it plans to lay off 9,200 employees at Washington Mutual, the failed savings and loan that the New York City-based banking giant bought in ...

3,400 WaMu jobs cut in Seattle - Seattle Post Intelligencer
In the two months since federal regulators seized and sold Washington Mutual's banking operations to JPMorgan Chase, WaMu employees have been resigned to the likelihood that thousands of them would be out of work. On Monday, they found out just how ...

WaMu cutting 3,400 Seattle-area jobs, 9,200 total - Seattle Times
JPMorgan Chase & Co. is eliminating the jobs of 3,400 Washington Mutual employees in the Seattle area, part of 9,200 job reductions nationwide, a spokesman said Monday. Outside of Seattle, where WaMu is based, the biggest number of job cuts is 1,600 ...

Taxpayer Field? - POLLSTAR
While name changes at stadiums are fairly common, two New York City Council members have proposed an interesting idea – naming the New York Mets’ new stadium Citi/Taxpayer Field instead of Citi Field. Vincent Ignizio and James Oddo say the ...

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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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