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Citigroup plans a leaner future, cuts 53,000 jobs - WTOP Radio
NEW YORK (AP) - Citigroup , widely seen as the sickest Wall Street bank, will make some of the most severe cuts in the history of U.S. business _ 53,000 jobs _ as it tries to slash costs and get back to basics before it's too late. The cuts, which ...

Montreal drops out of MLS expansion race - International Herald Tribune
LOS ANGELES : Montreal withdrew its bid for a MLS expansion team, commissioner Don Garber said Friday in his state-of-the-league address. "They're out for the next round of expansion," Garber said. "I don't think it's gone forever but it's gone for ...

MAD MONEY FEATURES - CNBC
PODCASTS Watch the Lightning Round whenever and wherever you want. OFFICIAL MAD MONEY WIDGET Grab this all-in-one application and get recaps of the show sent right to your desktop or blog. CRAMERS SOUNDBOARD Admit it: You've always wanted to hit the ...

Liverpool owner pulls Montreal MLS bid - PR Inside
LOS ANGELES (AP) - Financial uncertainty has prompted Liverpool owner George Gillett to withdraw his bid for a Montreal team to join Major League Soccer, the league said Friday, boosting the chances of a Miami franchise backed by Barcelona. «They're ...

Liverpool owner withdraws attempt to bring MLS team to Montreal - CBS Sportsline
They're out for the next round of expansion," MLS commissioner Don Garber said. "I don't think it's gone forever but it's gone for now." The withdrawal leaves Atlanta, Miami, St. Louis, Vancouver, Ottawa and Portland, Oregon as the ...

India May Announce Package for Exporters, Nath Says (Update1) - Bloomberg
Nov. 17 (Bloomberg) -- India may announce an assistance package for exporters as a global recession threatens this year's target for overseas sales, Trade Minister Kamal Nath said. Prime Minister Manmohan Singh has called a meeting of exporting ...

Street of risk and loss - San Diego Union-Tribune
It produced easy money for specula-tors and mortgage brokers and short-lived happiness for families who bought houses they couldn't afford to keep. Few streets in the county have witnessed as dramatic a turnaround as Little Lake. Nestled in the heart ...

People of modest means hitched hopes on Little Lake Street - San Diego Union-Tribune
It produced easy money for speculators and mortgage brokers and short-lived happiness for families who bought houses they couldn't afford to keep. NELVIN C. CEPEDA / Union-Tribune A "repo" bus tour through Otay Ranch stopped recently on Little Lake ...

Independent HBOS fight 'gaining pace' - Scotsman
THE fight to save HBOS as an independent bank is still on, one of the two "banking knights" hoping to ride to its rescue told The Scotsman last night. Sir Peter Burt, HBOS's former deputy chairman, said the battle to stop the proposed takeover by ...

Bailout goes from necessary to nightmarish - Atlanta Journal Constitution
That $700 billion financial sector bailout that I supported — and do still, but with an exit strategy — is a nightmare in the making. Look what’s happened since the first of the month: Atlanta Mayor Shirley Franklin, smelling a bailout handout ...

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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.

    View all Terms
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