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mortgage Definition, History, Benefits, & Types Britannica

Details: mortgage, in Anglo-American, or common, law, any of a number of related devices whereby a debtor (mortgagor) secures a loan from a creditor (mortgagee) for the purchase of real estate (buildings or land) by using the purchased property as collateral. In some mortgage agreements the creditor is the nominal owner of the property until the loan is fully repaid; in others the debtor is the nominal britannica website

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mortgage summary Britannica

Details: mortgage, In Anglo-American law, the method by which a debtor (mortgagor) conveys an interest in property to a creditor (mortgagee) as security for the payment of a money debt.The modern mortgage has its roots in medieval Europe. Originally, the mortgagor gave the mortgagee ownership of the land on the condition that the mortgagee would return it once the mortgagor’s … the encyclopedia britannica

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Mortgage Definition & Meaning Britannica Dictionary

Details: Britannica Dictionary definition of MORTGAGE. [count] : a legal agreement in which a person borrows money to buy property (such as a house) and pays back the money over a period of years. He will have to take out a mortgage in order to buy the house. a 30-year mortgage. a $50,000 mortgage. They hope to pay off the mortgage on their home soon. britannica online encyclopedia

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subprime mortgage Britannica

Details: subprime mortgage, a type of home loan extended to individuals with poor, incomplete, or nonexistent credit histories. Because the borrowers in that case present a higher risk for lenders, subprime mortgages typically charge higher interest rates than standard (prime) mortgages. The most common type of subprime mortgage contract offered in the United States is the … britannica log in

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mortgage-backed security finance Britannica

Details: mortgage-backed security (MBS), a financial instrument created by securitizing a pool of mortgage loans. Typically, a lender that holds several mortgage loans combines them into a bundle that may represent several million dollars of debt; the lender then divides the bundle into saleable shares in a process known as securitization. An investor who buys such a share, … buy encyclopedia britannica

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Home Mortgage Disclosure Act United States [1975]

Details: Other articles where Home Mortgage Disclosure Act is discussed: redlining: The Home Mortgage Disclosure Act (HMDA) of 1975 required lending institutions to report public loan data, while the Community Reinvestment Act of 1977 was intended to encourage banks and other financial institutions to help meet the credit needs of the communities in which they operate. britannica encyclopedia website

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financial crisis of 2007–08 Definition, Causes, Effects,

Details: financial crisis of 2007–08, also called subprime mortgage crisis, severe contraction of liquidity in global financial markets that originated in the United States as a result of the collapse of the U.S. housing market.It threatened to destroy the international financial system; caused the failure (or near-failure) of several major investment and commercial banks, mortgage lenders, insurance

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Fannie Mae American corporation Britannica

Details: Fannie Mae (FNMA), in full Federal National Mortgage Association, federally chartered private corporation created as a federal agency by the U.S. Congress in 1938 to ensure adequate liquidity in the mortgage market regardless of economic conditions. It is one of several government-sponsored enterprises (GSEs) established since the early 20th century to help …

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Federal Housing Administration (FHA)

Details: Federal Housing Administration (FHA), agency within the U.S. Department of Housing and Urban Development (HUD) that was established by the National Housing Act on June 27, 1934 to facilitate home financing, improve housing standards, and increase employment in the home-construction industry in the wake of the Great Depression. The FHA’s primary function was to …

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savings and loan association financial institution

Details: savings and loan association, a savings and home-financing institution that makes loans for the purchase of private housing, home improvements, and new construction. Formerly cooperative institutions in which savers were shareholders in the association and received dividends in proportion to the organization’s profits, savings and loan associations are mutual organizations …

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Habitat for Humanity Definition, History, & Facts Britannica

Details: Habitat for Humanity International (HFHI), also called Habitat for Humanity, Christian ministry that builds and renovates housing for families in need. HFHI was founded in 1976 by American philanthropist Millard Dean Fuller and his wife, Linda Fuller. The group gained wide recognition because of the involvement of former president Jimmy Carter and his wife, Rosalynn, who in …

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Freddie Mac American corporation Britannica

Details: Freddie Mac (FHLMC), in full Federal Home Loan Mortgage Corporation, federally chartered private corporation created by the U.S. Congress in 1970 to provide continuous and affordable home financing. It is one of several government-sponsored enterprises (GSEs) established since the early 20th century to help reduce the cost of credit to various borrowing sectors of the …

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financial crisis of 2007–08

Details: Northern Rock was nationalized by the British government in February 2008. The crisis in the United States deepened in January 2008 as Bank of America agreed to purchase Countrywide Financial, once the country’s leading mortgage lender, for $4 billion in stock, a fraction of the company’s former value. In March the prestigious Wall Street

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Emergency Economic Stabilization Act of 2008

Details: Emergency Economic Stabilization Act of 2008 (EESA), legislation passed by the U.S. Congress and signed into law by Pres. George W. Bush on Oct. 3, 2008. It was designed to prevent the collapse of the U.S. financial system during the subprime mortgage crisis, a severe contraction of liquidity in credit markets worldwide brought about by widespread losses in the …

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Mortgagor Definition & Meaning Britannica Dictionary

Details: plural mortgagors also mortgagers. Britannica Dictionary definition of MORTGAGOR. [count] law. : a person who borrows money for buying property : a person who takes out …

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subprime lending finance Britannica

Details: subprime lending, the practice of extending credit to borrowers with low incomes or poor, incomplete, or nonexistent credit histories. Subprime mortgage loans, the most common form of subprime lending, are characterized by higher interest rates and more-stringent requirements to compensate lenders for the higher credit risk involved. By providing credit to individuals who …

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redlining discrimination Britannica

Details: redlining, illegal discriminatory practice in which a mortgage lender denies loans or an insurance provider restricts services to certain areas of a community, often because of the racial characteristics of the applicant’s neighbourhood. Redlining practices also include unfair and abusive loan terms for borrowers, outright deception, and penalties for prepaying loans.

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