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Treasury briefs candidates on plan to seize Fannie, Freddie - Miami Herald
WASHINGTON -- The widening housing crisis took center stage on the presidential campaign trail Saturday after the Treasury Department confirmed to the candidates it was preparing a historic seizure of mortgage finance giants Fannie Mae and Freddie ...

Canadians support government's handling of economy: Flaherty - Globe and Mail
David Hogg from Victoria, Canada writes: Mr. Flaherty and his cabinet colleagues are economic heroes and legends in their own tiny little minds. The biggest difference in the US economy and ours is reflected in the mortgage market and housing market ...

Meet the greenshifters - Guardian Unlimited
It's being described as a third agricultural revolution. A new generation of people living - as much as they can - off the land: swapping their inner-city gardens for hardscrabble smallholdings, the daily commute for early-morning goat milking, their ...

Careful with that axe, Tavish - Times Online
Liberal Democrat leaders are not, as a rule, associated with marauding. Sex scandals, yes — Jeremy Thorpe, Paddy Ashdown and contender Mark Oaten have given British politics some memorable moments of high drama and low farce. Old-fashioned, red ...

How Britain can boom again - Daily Telegraph
MI5 used to plan for civil emergencies on the assumption that British society was four square meals from anarchy: deprive the populace of food for 36 hours, and the law of the jungle takes over. On Friday morning, I discovered it was only four bus ...

Sarah Palin: An Apostle of Alaska - MSN UK News
John McCain was not her dream pick. Only a year ago, when the republican primaries were just beginning, Alaska Gov. Sarah Palin told NEWSWEEK that she wasn't enthusiastic about anyone in the GOP field. McCain was languishing at 7 percent in the polls ...

The Neil Entwistle case: Searching for an answer - Times Online
As Barack Obama never tires of saying, America is a country where “ordinary people can do extraordinary things”. In January 2006, Neil Entwistle, a seemingly ordinary 27-year-old Englishman with an honours degree from York University, who had ...

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 ...

AP News in Brief - International Herald Tribune
Tropical Storm Hanna roars ashore near Carolinas border at start of wet run up East Coast MYRTLE BEACH, S.C. (AP) — Tropical Storm Hanna buffeted predawn tourist beaches on the North-South Carolina border Saturday at the start of a run up the ...

GMAC slashing its work force - Lansing State Journal
GMAC Financial Services said it will close its 200 retail mortgage offices and lay off about 5,000 employees. The moves are part of a plan by the Detroit-based financial service company to reduce its mortgage lending and servicing because of 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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