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Mortgage applications up 1st time in 3 weeks: report - Washington Post
Resize NEW YORK (Reuters) - U.S. mortgage applications rose for the first time in three weeks as interest rates edged lower, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage ...

3 Executives Are Leaving Fannie Mae - Gainesville Sun
WASHINGTON (Reuters) — The mortgage finance giant Fannie Mae announced a management shake-up on Wednesday in an effort to come to grips with mounting credit losses and a shrinking capital base. The chief financial officer, Stephen M. Swad, was ...

Treasury's Vigil On Fannie, Freddie - Washington Post
Analysts who closely follow the Treasury have said that no action to rescue ailing mortgage giants Fannie Mae and Freddie Mac appears imminent this weekend. (By Mannie Garcia -- Bloomberg News) A top concern of Treasury Secretary Henry M. Paulson Jr ...

Mortgage volume rises - CNN Money
WASHINGTON (AP) -- Mortgage application volume rose less than 1% during the week ended Aug. 22, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index rose to 421.6 during the week, from 419.3 a ...

FHA to raise mortgage insurance premiums - Reuters
WASHINGTON (Reuters) - Homeowners who turn to the federal government for help with their monthly mortgage payments will pay more for assistance under a policy meant to protect Washington from the costs of failing loans. The Federal Housing ...

Fannie Mae sees major management shake-up - Globe and Mail
WASHINGTON — Mortgage-finance company Fannie Mae Wednesday announced a management shake-up in an effort to come to grips with mounting credit losses and a shrinking capital base. The company's chief financial officer, Stephen Swad, was replaced ...

Gov't home price index posts largest-ever drop - International Herald Tribune
WASHINGTON : U.S. home prices fell 4.8 percent in the second quarter compared with a year ago, easily a new record low, according to a government report. The government index for the April-June period, released Tuesday by the Office of Federal ...

Financial Crisis Is Absent From Agendas of Parties, Candidates - Bloomberg
Aug. 27 (Bloomberg) -- The U.S. is facing the worst financial crisis since the Depression. You would never know that from the Democrats' platform in Denver or its Republican counterpart, or from listening to Barack Obama or John McCain . While both ...

Lending Over Backward - Forbes
When the nation's politicians take the stage in Denver and St. Paul, Minn., you'll hear a lot of talk about saving the decrepit housing market, and lately that means one thing: The Federal Housing Administration. Watch your wallet. Heralded as a ...

Housing: Frank talk from Barney Frank - CNN Money
(Money Magazine) -- Spend 27 years in Congress and you're bound to encounter more than one financial train wreck. But as Rep. Barney Frank, D-Mass., sees it, the meltdown in the U.S. housing market poses as much of a threat to the nation's economic ...

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Today's Mortgage Terms starting with P

  • Payment Cap: A limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
  • Point: A point is equivalent to 1 percent of a mortgage loan. Lenders might charge "origination points" to cover expenses of processing a loan. Some borrowers might pay "discount points" to reduce the loan's interest rate.
  • Pre-Approval: The process of calculating how much money a potential homebuyer could borrow.
  • Prepayment Penalty: A lender's charge to the borrower for paying down the loan before the end of its term.
  • Pre-Qualification: A non-binding process of calculating how much money a potential homebuyer can borrow before applying for a loan. Information submitted during pre-qualification is subject to verification at application.
  • Principal: It is the amount of money borrowed or owed, excluding interest.

    View all Terms
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