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Obama works to 'hit the ground running' with Congress - Detroit Free Press
WASHINGTON — As President-elect Barack Obama looks toward Inauguration Day, coordination with Congress could produce a remarkable result: Democrats may try to pass an economic stimulus bill even before Obama takes office Jan. 20, and have it on his ...

Lame Duck Heeds the Quacks of Lobbyists: Pushes Final Changes - New University Newspaper
Like the eye of some monstrous storm, the Thanksgiving season has come, promising some kind of respite from the terrible news in the financial sector, the worse news of the opaque nature of the bailout and the fact that it’s boom-time for the repo ...

Schwarzenegger declares state budget emergency - Merced Sun-Star
Gov. Arnold Schwarzenegger greeted the newest legislative class Monday with two immediate special sessions dealing with an $11.2 billion budget shortfall and the state's economic slowdown. With California facing severe declines in tax revenues this ...

Government under fire over mortgage moves - The Independent
Hit the banks where it hurts Hamish McRae: It will take time, but we'll recover Man who killed himself feared the effects of financial crisis Recession slows the Tesco juggernaut Big Three vow to change in return for federal bailout Thomas Cook snaps ...

Michigan knows jobs can leave forever - Detroit Free Press
Across Michigan, everyone from government officials to union leaders to ordinary citizens waited Tuesday to see if Congress would throw automotive companies a lifeline -- or let them drown. Urgency colored every conversation because Michigan knows ...

Schwarzenegger calls special budget sessions - Sacramento Bee
Gov. Arnold Schwarzenegger greeted the newest legislative class today with two immediate special sessions dealing with an $11.2 billion budget shortfall and the state's economic slowdown. With California facing severe declines in tax revenues this ...

The Great Reflation - Safe Haven
For greater insight into our publication, have a look at the Overview of Tedbits . It helps current and potential subscribers understand our mission in serving you. It also gives a broad description of what's unfolding globally and what you can ...

Globe editorial board editor on why Harper should resign - Globe and Mail
Darcy Meyer from Canada writes: John, you didn't take one question from someone defending Harper or posing an arguement why he should not resign. This would contrast your view and stance, and allow you to show your justification for such a call. I ...

Who's afraid of Obama's overreaching? - Salon
I don't know whether Barack Obama can get the economy out of the ditch, but so far his moves have been reassuring. Most important, he's inched carefully into the breach created by the lame-duck, clueless Bush administration. But it may be too ...

Cramer: Depression Comparisons are ‘Scare Tactics’ - News Busters
Do as I say, not as I do. That appears to be Jim Cramer's philosophy. The CNBC "Mad Monday" host told NBC "Today" show viewers Dec. 2 that comparisons between the current economy and the Great Depression were inappropriate.  "[T]hat's got to be ...

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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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