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Bernanke: more action needed to cut foreclosures - Buffalo News
Federal Reserve Chairman Ben Bernanke called on the government Thursday to ramp up efforts to stem soaring home foreclosures, which are feeding into the country's deep economic troubles. Although a flurry of actions have been taken to ease the ...

Big Three automakers to submit plans to Congress - Buffalo News
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 Corp ...

'Black Friday' won't stave off black days ahead: Analysts - Ottawa Sun
WASHINGTON (AP) — U.S. retail shoppers hunting for holiday bargains on ”Black Friday” won’t be enough to stave off what’s likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims ...

Business past, business present? - Monroe Evening News
- Evening News photo by KIM BRENT Headlines of today's state of affairs are reminiscent of those some 70 years ago. One area business, Martin's Shoe House in Monroe, has weathered the times and seen its share of history. Greg Martin (left) and his ...

U.S. Auto Workers to hold meeting on bailout - Winnipeg Sun
DETROIT (AP) — 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 ...

Anita Vogel - FOX News
Before joining FNC, Vogel worked as a reporter/fill-in anchor at KCRA-TV (NBC) in Sacramento, CA, where she covered the California State Legislature and the Governor's Office. Prior to that, Vogel served as a reporter for WTLV-TV (NBC) in ...

Commercial paper rises for first time in 7 weeks - Buffalo News
The market for the short-term debt known as commercial paper rose last week - a good sign for companies worried about having to refinance at the end of the year, when investors are loath to add risk to their balance sheets. The Federal Reserve said ...

Ecuador delays debt payment, raising default fears - Buffalo News
Ecuador vowed Friday to delay a $30.6 million interest payment on its foreign debt while it investigates possible irregularities in the contracts, sending its benchmark bonds and credit rating tumbling as default fears soared. Finance Minister Maria ...

Credit crunch imperils Cleveland's commercial development projects - Cleveland Plain Dealer Blog
John Kuntz/The Plain Dealer Credit problems are hurting businesses across the nation. Some commericial developments in Cleveland could be at risk. Cleveland's nascent development renaissance could be standing on shaky ground, with a series of high ...

Crombie REIT announces third quarter 2008 results - CNW Group
STELLARTON, NS, Nov. 6 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) is pleased to report its results for the third quarter and nine months ended September 30, 2008. Funds from Operations (FFO) for the third quarter increased ...

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Today's Mortgage Terms starting with A

  • Accrued Interest: Interest earned but has not been paid
  • Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan.
  • Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change.
  • Adjustment Period: Applicable to an ARM, the time between changes in the interest rate.
  • Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time.
  • Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding.
  • Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance.
  • Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time.
  • Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner.

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