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Financial Glossary

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Fair Credit Reporting ActFederal law that protects consumers, regulates credit bureaus and ensures accuracy in reporting.
Fair Housing ActFederal law that prohibits discrimination in housing and real estate transactions.
Fair market valuePrice, assuming sufficient time and knowledge exist between a rational buyer and seller.
Fannie MaeChartered company that provides funds to lenders for low-rate mortgages.
Federal Housing Administration (FHA)Federal agency that insures home loans, often with reduced down payments.
Federal Reserve BoardGroup that guides the financial system through monetary policy and credit regulations.
Federal Trade Commission (FTC)Federal agency that enforces antitrust and consumer protection (e.g., identity theft) laws.
First lien (first mortgage)Initial home loan that has priority right to a property, in case of default.
Fixed-rate mortgageHome loan where the interest rate does not change over the entire term.
ForbearanceLender delays foreclosure to allow the borrower time to make delinquent payments.
ForeclosureLender takes ownership and liquidates property to offset loan balance.
Form 1099-DIVAnnual statement of taxable capital gains and dividends.
Form W-2Wage and Tax Statement that summarizes annual taxable income and withholding.
Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union