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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

Brown mortgage loan news:

UK debt to 'cost each family £4k' - The Sun
PAYING off Britain’s massive debt will cost every family £4,000 a year, Gordon Brown was warned last night. The PM plans to borrow more for a £15billion tax giveaway in Monday’s mini Budget. Yesterday he insisted borrowing to kickstart the ...

Another statistic: Elderly couple to lose home to foreclosure - Morning Sun
William Hammen almost stumbles as he carries a cardboard box into his living room. It’s loaded with mail and papers. There are magazines, material he’s downloaded from the Internet, plenty of special offers and bills. Lots of bills. Hammen, 83 ...

Brown Steps Up Pressure on Banks to Resume Lending (Update1) - Bloomberg
Nov. 21 (Bloomberg) -- Prime Minister Gordon Brown stepped up pressure on banks to increase lending as home foreclosure orders jumped by a quarter and a third of Britain's 4.7 million small companies reported difficulties accessing credit ...

Elderly couple face foreclosure - Canton Repository
NORTH CANTON William Hammen almost stumbles as he carries a cardboard box into his living room. It's loaded with mail and papers. There are magazines, material he's downloaded from the Internet, plenty of special offers and bills. Lots of bills ...

British court ruling increases risk of home repossession - World Socialist Web Site
A British court ruling allowing lenders to seize properties after only two missed mortgage payments has made a mockery of claims by the Brown government to be protecting ordinary people from losing their homes. High Court Justice Briggs last month ...

Darling fine-tunes recovery plan - BBC News
It is thought the chancellor will say his recovery formula of extra government spending - combined with tax cuts - will leave Britain with a £100bn debt that the country will have to pay back later in the form of higher taxes. Other measures ...

U.K. Repossessions Increased 12% in Third Quarter (Update2) - Bloomberg
Nov. 21 (Bloomberg) -- U.K. home repossessions by mortgage lenders rose 12 percent in the third quarter as higher unemployment and the shrinking economy left more Britons unable to pay their debts. Foreclosures totaled 11,300, compared with 10,100 in ...

Buy-to-let boom turns to nightmare as repossession hotspots are ... - Daily Mail
Soaring numbers of buy-to-let investors have fallen behind with their mortgage and face losing their property, official figures revealed yesterday. The worst economic meltdown since the First World War has spelt disaster for many who took out one of ...

Mortgage arrears: Seven ways to cope - Daily Telegraph
Quarterly figures due to be published by the Council of Mortgage Lenders are expected to show that arrears have risen to 45,000 from 18,900 at the end of June. This figure compares with 13,400 in the second half of 2007, and 12,800 in the first six ...

FDIC details plan to alter mortgages - Daily Herald
WASHINGTON -- Officials at the Federal Deposit Insurance Corp. Thursday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans ...