ForeclosureA legal processes in which property mortgaged since coverage having an excellent financing is sold to spend the brand new defaulting borrower’s personal debt
Federal Financial Mortgage Agency – FHLMC (Freddie Mac)A stockholder-had corporation developed by Congress you to definitely requests conventional mortgage loans on additional home loan industry out-of insured depository establishments and you may HUD-recognized home loan bankers. It carries contribution sales certificates shielded by the swimming pools of conventional home loan funds, its prominent, and you will focus secured by the authorities through the FHLMC. it carries Regulators Federal Financial Relationship (GNMA, otherwise « Ginnie Mae ») bonds to increase funds to invest in the acquisition from mortgage loans. Often called « Freddie Mac computer ».
Home mortgage Disclosure Act (HMDA)Government legislation that needs certain types of loan providers so you can gather and you will disclose analysis toward where and which its home loan and household update loans are being made
Federal national mortgage association- FNMA (Federal national mortgage association)An effective taxpaying firm produced by Congress to support the fresh secondary home loan field.
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