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News about Mortgages:
Altria-UST Closing May Wait Until 2009 On Lender Request - CNN MoneyAltria Group Inc. (MO) said it may not complete its planned $10.3 billion acquisition of UST Inc. (UST) until next year, saying its lenders recommend holding off until 2009 to do so. The company didn't say why in a brief press release, and Altria and ...
BA shares hit turbulence over pension fund worries - Times OnlineInvestors in British Airways were fastening their seatbelts yesterday amid fears that the carrier was flying into a pension fund black hole. The shares, already beset by a sudden drop in business-class passengers and rising oil costs, fell another 16 ...
U.S. Stocks Drop; S&P 500, Dow Post Worst Retreats Since 1937 - BloombergOct. 7 (Bloomberg) -- U.S. stocks fell, sending the Standard & Poor's 500 Index below 1,000 for the first time since 2003, on speculation banks and real-estate companies are running short of money as the credit crisis worsens. Bank of America Corp ...
Nalco Defines Earnings Impact of Hurricanes; Preliminary Third Quarter ... - MSN MoneyCentralNAPERVILLE, Ill., Oct. 7, 2008 (GLOBE NEWSWIRE) -- Nalco Holding Company (NYSE:NLC) today announced that impacts from hurricanes Gustav and Ike are expected to lower pre-tax income by about $10 million and $2 million in the third and fourth quarters ...
Bernanke Goes Commercial - ForbesThe 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 ...
ECONOMY-US: Bailing Out a Boat Full of Holes - Inter Press ServiceBOSTON, Oct 7 (IPS) - The U.S. Treasury's bonanza from Congress to hand out 700 billion dollars to Wall Street is not what the country needs to right its shaky economy, many independent experts say. "Despite the bailout, it's clear the economy is ...
Daily Digest of Business - Milwaukee Journal SentinelShares of General Growth Properties Inc., a Chicago-based mall owner whose properties include Mayfair Mall in Wauwatosa, plunged 42% Tuesday on concern it won’t be able to repay debt. General Growth may not be able to refinance $1.2 billion in debt ...
MarketWatch's top stories of the week - MarketwatchWe could do a top 20 this week, maybe even a top 30 or 40. Limiting ourselves to market news, there was that 800-point loss in the Dow Jones Industrial Average on Monday, and then the 500-point rebound the next day. And that was just the first two ...
Bank worries drag stocks lower - The AgeUS 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 of America tumbled 21 ...
After arms twisted, House passes bailout - St. Petersburg TimesWith constituents spooked by upheaval in the stock and credit markets, and after a hard sell by political leaders of both parties, the U.S. House reversed course Friday and easily passed an $850-billion package designed to ease the nation's ...

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Today's Mortgage Terms starting with I
Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
Initial Rate: The rate charged for the first interval of an ARM loan.
Interest: Compensation in the form of money paid for the use of money.
Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
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