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Detroit 3 ready for Capitol Hill - Lansing State JournalUPDATED 1:33 PM - WASHINGTON — Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it. Unless one of Detroit's other Big Three auto companies goes bust, Ford ...
Michigan tries to slow foreclosures - Detroit NewsLANSING -- Scrambling to do something about Michigan's rampant home foreclosure problem before the holidays, Gov. Jennifer Granholm and lawmakers are working on a flurry of bills to ease the squeeze on cash-strapped homeowners. Various measures would ...
Efforts under way to bring help to foreclosure victims - Oakland PressLANSING — With home foreclosures at an all-time high, and experts saying Michigan is in the worst economic crisis since the Great Depression, some people are taking action to help others get through the tough times. For example, Genesee County ...
Big 3 Automakers Face Bailout Deadline - News 4Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive. General Motors Corp ...
Big Three Take Second Shot At Bailout Bid - CBS News(CBS/AP) Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive. General Motors ...
SEE ALL OF TODAY'S STORIES » - Grand Rapids PressCourtesy Photo The fraternity house where Jonathan Good allegedly stayed after escaping from the Mecosta County Jail. BIG RAPIDS -- Mecosta County Jail escapee Jonathan Joseph Good knew how to dress for his time on the lam -- he watched the Weather ...
Ford CEO Says He'll Work For $1 To Get Loans - WCCODEARBORN, Mich. (AP) ― Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive ...
UAW to hold emergency meeting on bailout - Lansing State JournalDETROIT - Local United Auto Workers leaders from across the country will hold an emergency meeting in Detroit on Wednesday to discuss concessions the union could make to help auto companies get government loans. UAW leaders called the meeting Monday ...
Granholm to release $150 million for banks to loan out - Detroit Free PressLANSING -- Gov. Jennifer Granholm said Thursday she'll release $150 million from the state treasury for banks and credit unions to loan to businesses and consumers who've been squeezed by the nation's credit crunch. She also said she'll ask lawmakers ...
Granholm pleads for auto, Michigan infrastructure aid - Detroit Free PressLANSING – Gov. Jennifer Granholm issued an urgent plea today to Democratic leaders of Congress to approve emergency aid for the ailing U.S. auto industry, and for $260 million to build new roads, sewers and other infrastructure in Michigan that she ...
Today's Mortgage Terms starting with C
Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.
Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.
Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan.
Collateral: Property pledged as security for a debt.
Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.
Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.
Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.
Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.
Credit Bureau: It is a clearinghouse for credit history information.
Credit Report: A report containing a detailed credit history of an individual.
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