ForeclosureA legal processes where property mortgaged since safeguards to possess a good loan is available to spend brand new defaulting borrower’s financial obligation
Government Home loan Mortgage Corporation – FHLMC (Freddie Mac)A stockholder-owned corporation produced by Congress one orders traditional mortgages about second financial field off insured depository institutions and you may HUD-approved mortgage bankers. They deal involvement transformation permits protected of the swimming pools off traditional home loan financing, their dominating, and you will attention guaranteed from the national through the FHLMC. Moreover it offers Authorities National Financial Organization (GNMA, otherwise “Ginnie Mae”) bonds to increase funds to invest in the purchase away from mortgage loans. Commonly known as “Freddie Mac computer”.
Home loan Disclosure Work (HMDA)Government guidelines that requires certain kinds of loan providers to help you collect and you can divulge study to the in which and to which the mortgage and you can household improvement money are increasingly being produced
Federal national mortgage association- FNMA (Federal national mortgage association)A beneficial taxpaying enterprise created by Congress to help with the latest secondary home loan market. It commands and you can carries residential mortgage loans covered because of the Government Housing Management (FHA) otherwise protected of the Pros Management (VA) plus conventional mortgage loans.
