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Mortgage Applications Off in Oct. 22 Week
NEW YORK (Reuters) - New applications for U.S. home loans fell last week even as average 30-year mortgage rates decreased from the previous week, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted market index, a measure of mortgage activity, fell 0.8 percent to... : Mortgage Applications Off in Oct. 22 WeekJumbo mortgage
A mortgage loan larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac.... : Jumbo mortgagereverse mortgage
A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.The loan is not due and payable until the borrower no ... : reverse mortgagePrivate mortgage insurance (PMI)
A type of insurance policy written by a private company protecting the mortgage lender against loss resulting from a mortgage default; typically used if the borrower's down payment is less than 20 percent of the home's purchase price.... : Private mortgage insurance (PMI)Greenspan: Curb Fannie, Freddie Growth
WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan on Wednesday urged Congress to curb the rapid growth of Fannie Mae and Freddie Mac, saying this was vital to cut the risks the mortgage finance giants pose to the U.S. financial system. In testimony prepared for delivery to the Senate Banking Committee, Greenspan said stiffer regulation alone was not enough... : Greenspan: Curb Fannie, Freddie GrowthSource: business information
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