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7 Cards in this Set
- Front
- Back
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Federal National Mortgage Association (Frannie Mae) |
The largest investor in residential mortgages |
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Government National Mortgage Association (Ginnie Mae) |
Created to replace Fannie Mae when it became privately owned. The HUD manages this association. |
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Conventional Loans |
Are not insured or guaranteed by a government entity. These loans are long term, fully amortized and have a fixed rate. |
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Amortization |
Is the reduction of the balance of the loan by paying back some of the principal owned on a regular basis. |
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Negative Amortization |
Occurs when a loan balance because payments do not cover the interest on the loan. |
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The state of New York Mortgage Agency |
Was created in 1970 to reduce funds shortages from private banks for mortgage lending with in the state of New York. * The only government agency that is a direct loan. |
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Home Ownership and Equity Protection Act (HOEPA) |
Protects people from predatory lending. This act was formed to prevent mortgagees from defaulting on their loan payments through new requirements and regulations. |
