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House Passes Limited Drilling Bill - AOLDemocrats in the House passed an energy bill today that will provide limited drilling expansion off small areas of the U.S. coast. The bill will open up drilling in the Outer Continental Shelf off the coasts of four states: Virginia, North Carolina ...
Update: Stocks rally on hopes for massive bank bailout - Los Angeles Times BlogsTreasury Secretary Henry Paulson is working on a plan that would set up a government facility to take on bad debts from financial institutions, preventing a worsening of the global credit crisis, Wall Street sources have told CNBC. Let's be clear ...
Obama Urges Caution on Bailout Front - New York Times BlogsGREEN BAY, Wis. – Senator Barack Obama’s remarks in this battleground state this afternoon were billed as a “major speech” on reforming “the greed and excesses of Washington,” pegged to the current economic crisis, yet he avoided making ...
Treasury’s Financial-Bailout Proposal to Congress - Wall Street JournalSection 1. Short Title. This Act may be cited as _____. Sec. 2. Purchases of Mortgage-Related Assets. (a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and ...

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Today's Mortgage Terms starting with D
Default: Failure to fulfill legal obligations of a contract, including failure to make payments on a loan.
Discounted Loan: When the note rate on a loan is lower than the market rate, it is a discounted loan.
Discount Point: A point paid to the lender to permanently lower or acquire down an interest rate. Money must be paid up front to lower the rate.
Down Payment: The amount of cash you must pay down initially for the purchase of your home. For conventional loans, you should aim for a down payment that's at least 20% of your home's value. The reason is lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.
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