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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. View all Terms

Cleveland mortgage rates news:

Fitch Affirms Grupo Posadas' Ratings; Revises Outlook to Negative - Earthtimes
-- National scale rating at 'A+(mex)', including all of its 'Certificados Bursatiles' issuances. The Rating Outlook has been revised to Negative from Stable. The revision of the Outlook reflects expectations that a more adverse economic environment ...

HK stocks climb after Wall Street rebound - Cleveland Plain Dealer
HONG KONG (AP) — Hong Kong stocks rose modestly Wednesday after Wall Street's overnight gain as telecoms and financials offset weakness among property developers. The blue chip Hang Seng index gained 182.81 points, or 1.4 percent, to close at 13 ...

$800 billion program shows power of Fed - Cleveland Plain Dealer
Washington- The Bush administration had to strive mightily to win congressional approval of a $700 billion rescue package for the financial system. Now, with no muss and no fuss, the Federal Reserve has announced an even bigger program totaling $800 ...

Ohio wins court settlement against mortgage lender - Zanesville Times Recorder
COLUMBUS (AP) - A bankrupt subprime lender accused of shoddy practices has been barred from accepting mortgage applications in Ohio, state Attorney General Nancy Rogers announced Wednesday. The agreement with New Century Financial Corp. of Irvine ...

Gaston among a dozen counties with jobless rates above 9 percent - Gaston Gazette
Gaston County's unemployment rate jumped by the largest percentage of any North Carolina county from September to October - an increase of 1.4 percent. With a total workforce of 103,447 in October, 9.1 percent of Gaston County workers were jobless ...

Closing of slaughterhouse makes kosher meat scarce - Herald Tribune
MIAMI - Rabbi Moishe Silverman stood taking inventory of a meat freezer at South Florida Kosher, the supermarket and butcher shop where he works. Dressed in a yarmulke and tie and wearing a plastic apron over his white butcher jacket, he surveyed the ...

House values decline again - Seattle Post Intelligencer
Values in King, Pierce and Snohomish counties decreased 9.8 percent from September 2007 and 1.4 percent from this August, according to Standard & Poor's S&P/Case-Shiller Home Price Indices. The year-to-year drop was the eighth consecutive record for ...

RealMoney.com: Market Commentary - Street.Com
The market celebrated Thanksgiving with the best weekly advance in 34 years. The 12% gain was the most since 1974. The S&P 500 is now up 19% from its recent low, although still off 43% from its high reached in October 2007. All it took was for the ...

Final hurricane tally: 60 gulf rigs destroyed - San Francisco Gate
This summer's back-to-back punches from hurricanes Gustav and Ike destroyed 60 oil and gas platforms in the Gulf of Mexico, but the structures represented only a minute percentage of the region's overall production, the U.S. Minerals Management ...

US sports history on display at new L.A. museum - San Francisco Gate
When Gary Cypres' sports memorabilia collection reached 10,000 pieces and threatened to overflow their house, his wife told him to get it out. The man who made his money in the finance, mortgage and travel agency businesses did just that, developing ...