ForeclosureA courtroom process in which assets mortgaged since the cover getting an excellent loan is available to expend the brand new defaulting borrower’s personal debt
Federal Mortgage Financial Enterprise – FHLMC (Freddie Mac)A stockholder-had business produced by Congress you to definitely sales conventional mortgage loans about secondary home loan markets out-of insured depository establishments and you can HUD-accepted home loan bankers. It offers involvement sales certificates safeguarded by pools regarding old-fashioned mortgage funds, the dominant, and you can focus protected of the authorities from FHLMC. In addition deal Regulators Federal Home loan Relationship (GNMA, or “Ginnie Mae”) bonds to raise money to finance the purchase off mortgages. Often called “Freddie Mac computer”.
Home loan Disclosure Work (HMDA)Government regulations that really needs certain types of lenders in order to compile and you may reveal studies to the in which and to just who the financial and you can family upgrade finance are being made
Federal national mortgage association- FNMA (Fannie mae)A great taxpaying agency produced by Congress to help with the fresh new second home loan sector.