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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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Delaware mortgage rates news:

McCain pushes $300 billion mortgage plan - Washington Post
BETHLEHEM, Pennsylvania (Reuters) - White House hopeful John McCain pitched a $300 billion plan to help struggling homeowners on Wednesday, as he sought to dent a lead Barack Obama has built over his handling of economic issues. The morning after a ...

National business in brief: Mortgage rates decline - Kansas City Star
Rates on 30-year mortgages fell below 6 percent this week, recording the first decline in three weeks. Freddie Mac , the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent ...

McCain pushes multi billion pound mortgage plan - International Herald Tribune
White House hopeful John McCain pitched a $300 billion (173.5 billion pound) plan to help struggling homeowners on Wednesday, as he sought to dent a lead Barack Obama has built over his handling of economic issues. The morning after a sometimes tense ...

Americans finding it harder to borrow money - Houston Chronicle
An inflatable gorilla beckoned from the roof of Don Brown Chevrolet in St. Louis, servers doled out free bowls of pasta and a salesman urged potential customers to "come on up under the canopy and put your hands on" a new set of wheels. But sitting ...

BofA to modify Countrywide loans - Delaware Online
An estimated 400,000 Americans struggling with risky mortgages from Countrywide Financial Corp. can get their loans modified and payments reduced under a program announced Monday by Bank of America Corp. In a pact that could save mortgage holders ...

Markets rattled around the world - Delaware Online
The government's huge rescue package, aimed at rebuilding economic confidence in the U.S. and around the world, appeared to sound a global alarm instead on Monday, the first trading day after Congress approved the measure last Friday with fanfare and ...

McCain, with 3 catch-up weeks, shifts to respect - Cleveland Plain Dealer
WASHINGTON, D.C. -- Republican John McCain, his presidential hopes battered by chaos in the American economy, has just three weeks left to come up with a consistent campaign message to close the widening gap that separates him from Democrat Barack ...

Obama and McCain applaud lending rate cut - EurActiv.com
NASHVILLE, Tennessee (Reuters) - Republican John McCain and Democrat Barack Obama welcomed a global cut in lending rates on Wednesday, keeping the focus of their bruising White House race on remedies for the ailing economy. The morning after a ...

Bank of America settles lawsuit over bad mortgages - Ledger-Enquirer
– All United States – Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota ...

A new big lie by the GOP - Salon
I've been wanting us to write on the right-wing effort to blame the mortgage crisis on the Community Reinvestment Act and other efforts to bring homeownership to lower-income, minority Americans, but this piece by Slate's Daniel Gross is so great I'm ...