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Financial News
Russian Stocks Fall, Adding to Record Slump, on Rescue Loans - Bloomberg
Oct. 7 (Bloomberg) -- Russian stocks fell, extending yesterday's record drop, as a plan by President Dmitry Medvedev to lend $36 billion to banks wasn't enough to convince investors the government can halt its worst financial crisis since 1998. OAO ...

U.S. Stocks Drop, Led by Banks, Real-Estate Investment Trusts - Bloomberg
Oct. 7 (Bloomberg) -- U.S. stocks fell for a fifth day, the longest losing streak since January, as investors shrugged off signs the Federal Reserve will cut interest rates and focused on concern financial companies will need to raise more cash. Bank ...

Housing equity withdrawal turns negative in Q2 - MSN UK News
LONDON (Reuters) - Housing equity withdrawal turned negative in the second quarter for the first time in a decade as falling house prices and rising mortgage rates turned off a key source of consumer finance. Bank of England figures showed households ...

Bernanke Goes Commercial - Forbes
The Federal Reserve is dipping into the commercial paper market, and the move gave Wall Street the lift it's been waiting for since the approval of the $700.0 billion financial bailout. On Tuesday morning, the Fed created the Commercial Paper Funding ...

UPDATE 1-UK housing equity withdrawal turns negative in Q2 - Forbes
LONDON, Oct 3 (Reuters) - British housing equity withdrawal turned negative in the second quarter for the first time in a decade as falling house prices and rising mortgage rates turned off a key source of consumer finance. Bank of England figures ...

Global financial crisis - Financial Times
The London market was routed on Monday with the FTSE 100 suffering its biggest one day percentage fall since Black Monday in 1987, and biggest points fall ever. The blue-chip index dropped 391.1 points, or 7.9 per cent, to finish at a four year low ...

Economy outlook darkens further - MSN UK News
LONDON (Reuters) - The outlook for the economy darkened further on Friday as a survey showed its services sector contracted at the fastest rate for at least 12 years and bellwether retailer John Lewis reported a plunge in sales. After dismal ...

Russia Gives Banks Extra $36 Billion to Fight Crisis - CNBC
President Dmitry Medvedev announced an extra 950 billion roubles ($36.4 billion) of long-term help for banks at an emergency Kremlin meeting on Tuesday, but failed to rally Russian stocks. "The whole point of our work is to make decisions as quickly ...

European Factors--Futures tick higer, U.S. data in focus - Reuters
LONDON, Oct 3 (Reuters) - European index futures pointed to a slightly higher open on Friday after European stocks ended lower in the previous session, with the focus on banking stocks and the release of U.S. non-farm payrolls numbers. At 0632 GMT ...

US celebrates but Soros slams rescue deal as ill-conceived - Evening Standard
George Soros today denounced America's $700 billion bank bail out as "ill-conceived" despite relief across the world after US senators voted in favour of the deal. In a crucial vote in the early hours, the US Senate backed the plan by 74 votes to 25 ...

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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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