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McCain's Annoying Little Fraud - Slate
( Pierre, S.D .) McCain would like everyone to think his campaign imploded last summer because of his courageous support for the surge in Iraq : I fought for the right strategy and more troops in Iraq, when it wasn't a popular thing to do. And when ...

Bite with no bark - News.com.au
He's always been the classic worrier: in high school he agonised that he'd never get a girlfriend, now a dozen years on he wonders whether he'll find a boyfriend. What do you think? Blog with the Barefoot Investor Things are no different for him when ...

Biden campaigns in Philadelphia today - Philadelphia Inquirer
Demcoratic vice presidential nominee Joseph R. Biden Jr. today said his GOP rivals came up short on solutions for working families during the Republican National Convention this week. "What I heard was just politics as usual," the U.S. senator from ...

Can Treasury Take Over Fannie Mae And Freddie Mac? - HULIQ.com
On Friday the Treasury Department announced what is amounting to effective a government takeover of the two mortgage guarantor giants, Fannie Mae and Freddie Mac. This sent shock waves through the investor community because it would also effective ...

This must be that free lunch we've heard of - Rocky Mountain News
Some wise man or woman once said, "There is no such thing as a free lunch," and most Americans would agree. However, there is a minority of Americans who in the last few years bought a home with no down payment or refinanced their home and took out ...

Only the deluded truly believe that the worst is over - Times Online
Optimism in the current economic climate is a dangerous emotion, although it helps if the gas bill hasn't landed for a week or two. Yet there are signs that August or September could be the worst of the advertising downturn - although that does not ...

Waco woman with illness, young son faces loss of home - Waco Tribune-Herald
It was a morning Robin Thrush will never forget. She answered the knock at her door, and a man she didn’t know told her he had bought her home in the 2200 block of North 51st Street. Turns out, the man legally bought the home at a foreclosure sale ...

The Sky Is Falling - Motley Fool
Stop. To steal a line from Cameron Crowe's 1989 Say Anything : "You must chill. You must chill ." Yes, I understand that pretty much every market average fell 3% or more on Thursday. I get it. E*Trade (Nasdaq: ETFC ) shed nearly 9%. Wachovia   (NYSE ...

Reduced super returns drive thousands to age pension - News.com.au
The number of Australians seeking the aged pension jumped by nearly 40 per cent last financial year. It is the most alarming sign yet of the looming cost of an ageing population. The Federal Government says the leap in pension applications from 130 ...

Gordon Brown's vision still falls short - InsideHousing
A national mortgage rescue scheme could offer hope to thousands of families facing repossession. It could ease some of the pressure on local authorities. It could create a nationwide programme – almost a reverse right to buy – with enough clout ...

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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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