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Fla. Commission Approves Car Emissions Limits - WFTVTALLAHASSEE, Fla. -- A state commission is giving its approval to toughen emissions standards for new cars sold in Florida. The Environmental Regulation Commission voted 6-1 on Tuesday to adopt California's emissions rules as a way of lowering ...
Fed Aid Sets Off a Rush to Refinance - Wall Street JournalThe Federal Reserve's attempt to stabilize the housing market set off a chain reaction across the U.S. on Tuesday, dropping interest rates and quickly spurring a burst of refinancing activity by borrowers eager to lower their mortgage costs. Some ...
Cause and Effect - American Enterprise InstituteAlthough the media are full of talk that we face a "crisis of capitalism," the underlying cause of the financial meltdown is something much more mundane and practical--the housing, tax, and bank regulatory policies of the U.S. government. The ...
The Coming Recession - Reason.comAs this issue of reason goes to press, the dollar is at a record low against the euro, oil is more than $100 a barrel, consumer prices are up 4 percent from a year ago, and Federal Reserve Chairman Ben Bernanke is cutting interest rates so often that ...
House Race Update: Ohio Sup. Ct. to Rule on Franklin County Votes - ABC News BlogsABC News' Teddy Davis and Arnab Datta Report: A federal appeals court ruled Tuesday that the Ohio Supreme Court -- and not a federal district court -- is the proper forum to decide how approximately 1,000 challenged provisional votes should be ...
'Sassy' Elisabeth Hasselbeck believes in Maverick Sarah Palin - PopwatchThat is just one issue on his background. I find it interesting that two Wits have been sent to the US Supreme Court ... one from PA and one from New Jersey on the background issue. It isnt lame and serious ramifications do exist if the background ...
Register for FREE - Wall Street JournalAbout a year ago Stephen Moore, Peter Tanous and I set about writing a book about our vision for the future entitled "The End of Prosperity." Little did we know then how appropriate its release would be earlier this month. Financial panics, if left ...
Local banker to play key role in shaping financial policy - Boston GlobeIf you want guidance on the future of the world financial system, the man to see runs a regional bank in Weymouth. South Shore Savings Bank's chairman, Arthur R. Connelly, also happens to be the incoming chair of the American Bankers Association, the ...
Two-Year Swap Spread Collapses on Fed Plan to Buy Mortgages - BloombergNov. 25 (Bloomberg) -- The spread between the rate to exchange floating for fixed interest payments and Treasury yields over two years narrowed the most since 2003 after the Federal Reserve committed up to $800 billion in additional funds to unfreeze ...
FBI subprime investigation targets Lehman, AIG, Fannie and Freddie - Daily TelegraphThe four companies set off last week's turmoil in financial markets by going bust, in the case of Lehman, or requiring state rescue. They are among 26 firms under review by the FBI for possible accounting misstatements, according to US media reports ...
Today's Mortgage Terms starting with M
Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.
Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.
Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.
Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.
Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).
Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.
Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.
Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment.
Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment.
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