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Bernanke Says U.S. Must Step Up Foreclosure Efforts (Update2) - Bloomberg
Dec. 4 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke urged using more taxpayer funds for new efforts to prevent home foreclosures, saying the private sector is incapable of coping with the crisis on its own. The Fed chief outlined four ...

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 ...

Register for FREE - Wall Street Journal
Please register to gain free access to WSJ tools. An account already exists for the email address entered. Ms. Jordan is a former operations vice president at Bank of America, her job was eliminated in 2008. Prior to Bank of America, Jordan spent ...

Thursday, Dec. 4 at Noon ET: Color of Money Live - Washington Post
Read Michelle's latest columns , check out her Color of Money Book Club selection archive or sign up for her weekly e-mail newsletter. Michelle Singletary: Good afternoon all. I hope despite all the continued bad economic news you are holding up. I ...

Woodstock refuses bond to refinance labor office - Atlanta Journal Constitution
The Woodstock City Council has balked at issuing bonds for a Department of Labor office in Kennesaw that serves Cherokee and north Cobb counties. “This was really a refinancing for a group that recently purchased the building,” City Manager Jeff ...

Wrightwood sues McLean over Atlanta loan - Crain's Chicago Business
In another sign of how the global financial crisis is hitting commercial real estate, a venture co-owned by Mr. McLean was unable to refinance a $24-million loan on the 342-unit complex when it came due Feb. 1, according to a lawsuit filed Oct. 17 by ...

People now have the power to reshape Fannie, Freddie - Atlanta Journal Constitution
Americans need to stop thinking of themselves as victims of Wall Street greed and regulatory negligence, and start thinking of themselves as newly minted owners of one of the largest mortgage infrastructures in the world. Fannie Mae and Freddie Mac ...

General Growth Properties may seek protection - Atlanta Business Chronicle
General Growth Properties Inc. , which owns Cumberland Mall, Perimeter Mall, North Point Mall, Southlake Mall in metro Atlanta, said it may be forced to seek protection from its creditors as it struggles to refinance debt. Chicago-based General ...

Mortgage plan falls short, Bair says - United Press International
People who read this also read ... Treasury streamlines mortgage modification Mortgage rates drop slightly in week Mortgage losses bleeding over to car loans HUD offers $1 fixer-upper house in Atlanta J.P. Morgan to refinance risky mortgages ...

Atlanta Courthouse Shooter Found Guilty of Killings - FOX News
July 10: Brian Nichols listens to the opening trial proceedings in Atlanta, Ga. July 10: Brian Nichols listens to the opening trial proceedings in Atlanta, Ga. ATLANTA — A jury has found courthouse gunman Brian Nichols guilty of murder in a 2005 ...

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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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