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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Scott mortgage rates news:

Bailout increases by $800 billion - The Washington Times
What the Fed is now doing is what Congress intended, Mr. Reinhart said, adding, "Now we have asset purchases that will provide help to the mortgage market." Noting that the Fed has "unlimited balance-sheet potential," the former Fed economist said ...

Homeowners get a reprieve - Herald Tribune
Gov. Charlie Crist and Alex Sanchez, president of the Florida Bankers Association, appeared together to announce the program. But other than emphasizing the need for financially troubled homeowners to talk to their lending institutions, the ...

Crist Announces Voluntary Delay in Home Foreclosures - The Ledger
TALLAHASSEE | With Florida residents facing one of the highest foreclosure rates in the nation, Gov. Charlie Crist announced Monday that associations representing the state’s banks and credit unions have agreed to delay any foreclosure sales on ...

LATEST POLITICS VIDEOS - CNBC
C Loading... ( ) ] . At its most basic level, the Federal Reserve’s $600 billion program to buy mortgage-related debt should lower interest rates somewhat and thus spur lending and support the troubled housing market. “We see ...

Credit card companies quick to raise rates, fees - Atlanta Journal Constitution
Greg Fischer was already fed up with Bank of America for doubling his credit card’s interest rate to 28.99 percent — the price for being a couple of weeks late with a payment in April. What sent him over the top, he said, was the bank’s ...

Fed Aid Sets Off a Rush to Refinance - Wall Street Journal
The 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 ...

With Credit Tight, Businesses Squeezed - KDKA
NEW YORK (CBS News) ― The government reported Tuesday that Americans saw their usable incomes plunge more than 9 percent in the third quarter - the biggest drop on record. That makes credit that much more critical to consumers, and to the ...

GLOBAL MARKETS-World stocks rise after Fed programme - FXStreet.com
LONDON, Nov 25 (Reuters) - World stocks rose more than one percent on Tuesday after the Federal Reserve unveiled a programme to buy mortgage and consumer-related securities in its latest attempt to support the U.S. financial system. The Fed will buy ...

Stocks end short session with 5th straight gain - Associated Press
NEW YORK (AP) -- Wall Street climbed again Friday, wrapping up its biggest five-day rally in more than 75 years, even as investors digested signs of a bleak holiday season for retailers and fears that a flurry of reports next week will show more ...

Fed throws fresh lifeline to financial system - Washington Post
WASHINGTON (Reuters) - The Federal Reserve threw a massive life-line to consumers on Tuesday with two new programs aimed at making it easier for them to obtain loans for homes, cars and on credit cards. Under the new mortgage program, the Fed will ...