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Houston Mortgage > Glossary >
Home Equity > F 1-10
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Fair Credit Reporting Act
A federal law that governs what credit bureaus can report and for how long. It outlines procedures for correcting errors in credit reports. It requires credit bureaus to furnish copies of consumers' credit reports at their request.
Fair Debt Collection Practices Act
A federal law that prohibits certain methods of debt collection, such as harassment.
Fair Housing Act
A federal law that prohibits discrimination in housing on the basis of race, color, religion, sex, national origin, family status and disability.
Fair market value
The price an item would sell for, assuming the buyer and seller both have reasonable knowledge of the item's worth and are not under pressure to buy or sell. In real estate, to determine fair market value it is common to compare other similar properties sold near the same time as your property. Also called true market value or current market value.
Fannie Mae
The largest mortgage investor, a government-sponsored enterprise that buys mortgages from lenders, bundles them into investments and sells them on the secondary mortgage market. Formerly known as the Federal National Mortgage Association.
FDIC
Federal Deposit Insurance Corp. An agency of the U.S. government that manages the bank insurance funds, which insure deposits at banks and other qualifying financial institutions up to $100,000 per account ($250,000 on retirement accounts) in interest and principal. FDIC insurance is mandatory for all nationally chartered banks and all banks that are members of the Federal Reserve System.
Fed
Congress founded the Federal Reserve, the central bank of the United States, in 1913. It conducts the nation's monetary policy and regulates its banks in order to achieve a flexible and stable economy. The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate to serve 14-year terms. The chairman and the vice chairman of the board are named by the President from among the members and are confirmed by the Senate. They serve a term of four years.
Federal Advisory Council
An advisory group consisting of one member elected from each of the 12 Federal Reserve Districts who meet with the Federal Reserve Board of Governors at least four times each year to make recommendations on business and financial matters.
Federal Deposit Insurance Corporation
An agency of the U.S. government that manages the bank insurance funds, which insure deposits at banks and other, qualifying financial institutions up to $100,000 per account ($250,000 on retirement accounts) in interest and principal. FDIC insurance is mandatory for all nationally chartered banks and all banks that are members of the Federal Reserve System.
Federal Discount Rate
The interest rate at which an eligible financial institution may borrow funds directly from a Federal Reserve bank. Banks whose reserves dip below the reserve requirement set by the Federal Reserve's board of governors use that money to correct their shortage. The board of directors of each reserve bank sets the discount rate every 14 days. It's considered the last resort for banks, which usually borrow from each other.
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