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U.S. Must Buy Assets to Prevent `Tsunami,' Gross Says (Update3) - Bloomberg
Sept. 4 (Bloomberg) -- The U.S. government needs to start using more of its money to support markets to stem a burgeoning ``financial tsunami,'' according to Bill Gross , manager of the world's biggest bond fund. Banks, securities firms and hedge ...

Steps needed to halt financial 'tsunami' - The Age
The US government needs to start using more of its money to support markets to stem a burgeoning ``financial tsunami,'' according to Bill Gross, manager of the world's biggest bond fund. Banks, securities firms and hedge funds are dumping assets ...

More Business - San Francisco Gate
Under the new program, six of the nation's largest financial institutions said they will begin contacting homeowners who are 90 or more days overdue on their monthly mortgage payments. The homeowners will be given the opportunity to put the ...

White House plan offers little foreclosure relief - MSNBC
The Hope Now hotline is staffed 24 hours a day, 7 days a week for homeowners who are having trouble keeping up with mortgage payments. The free service helps borrowers contact  lenders to try to work out a payment plan or modify their loan. While ...

Senate under pressure to approve stimulus - MSNBC
Jan. 25: It may take a few more months before you see a check in your mailbox. NBC's Jeannie Ohm reports. WASHINGTON - A much-anticipated deal between the White House and once-warring House leaders to speed tax rebate checks to workers starting in ...

Billionaires Up, America Down - Common Dreams
When it comes to producing billionaires, America is doing great. Until 2005, multimillionaires could still make the Forbes list of the 400 richest Americans. In 2006, the Forbes 400 went billionaires only. This year, you'd need a Forbes 482 to fit ...

Credit Crunch Video Gallery - CNBC
Antoinette has been engaged for 3.5 years and is afraid to marry because her fiance will not show her his credit score a... Credit Crunch Cashout Thinking about tapping your 401(k) plan in an emergency? Suze weighs in on what you should and should ...

The Conservative Origins of the Sub-Prime Mortgage Crisis - Common Dreams
Hardly a day goes by without a news story about the accelerating number of foreclosures, an economic tsunami that is causing chaos in the housing and stock markets, the banking industry, and the global money markets, not to mention upending families ...

Mortgage Lenders Unveil Plan to Freeze Foreclosures - CNBC
All six are involved in Hope Now, an effort the Bush administration brokered with the mortgage industry late last year to freeze rates on some high-cost subprime mortgages for five years to aid borrowers whose teaser rates are jumping sharply higher ...

Mortgage Crisis - OpEdNews.com
Rowan Wolf: The Fines We Pay (4 comments) It is considerate of us to front the money to investment banks to pay the fines for being crooks. Bob Herbert: Cause for Alarm (1 comments) David Boren, a former U.S. senator who is now president of the ...

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Today's Mortgage Terms starting with D

  • Default: Failure to fulfill legal obligations of a contract, including failure to make payments on a loan.
  • Discounted Loan: When the note rate on a loan is lower than the market rate, it is a discounted loan.
  • Discount Point: A point paid to the lender to permanently lower or acquire down an interest rate. Money must be paid up front to lower the rate.
  • Down Payment: The amount of cash you must pay down initially for the purchase of your home. For conventional loans, you should aim for a down payment that's at least 20% of your home's value. The reason is lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.

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