5.4 Flashcards
True or False:
Fannie Mae lends money directly to homebuyers.
False
The name of the secondary mortgage market organization that purchases all types of mortgages is _________.
Fannie Mae
Fannie Mae operates under a _______ charter.
Congressional
Ginnie Mae insures securities backed by _____ and ______ mortgage loans.
FHA and DVA
Fannie Mae purchases _______ kinds of loans.
All
The Federal Home Loan Mortgage Corporation (FHLMC, or “Freddie Mac”) - puchases _______ mortgage loans.
Conventional
The Government National Mortgage Association (GNMA or “Ginnie Mae”) guarantees investors the timely payment of principal and interest on mortgage securities backed by ________ insured (FHA) or guaranteed (DVA) loans.
Federally
True or False:
Ginnie Mae does not buy or sell loans or issue mortgage-backed securities (MBS).
True
The _______ mortgage market is a market in which existing mortgages and mortgage-backed securities are traded.
Secondary
When rights go to a surviving spouse, the ownership type is ______.
Joint tenancy
_______ is the act of handing the signed deed over.
Alienation
Only the _______ needs to sign the deed.
Seller (Grantor)
______ is the type of deed that is most desirable for a buyer.
Warranty Deed
_______ is the type of deed that will hold the property by force of law rather than by title.
Bargain and sale
The covenant that warrants the grantee will not be bothered by other claims of interest in the property is ______.
Quiet enjoyment
