A measure of depths used at sea, being six feet.

See: Federal Deposit Insurance Corporation.

A study of an area before construction of a project, to determine the probable financial success of the project.

The federal corporation which insures against loss of deposits in banks and, since 1989, in savings associations.

The interest rate charged to member banks borrowing from the federal reserve bank(s).

Title VIII of the Civil Rights Act which forbids discrimination in the sale or rental of residential property because of race, color, sex, religion or national origin.

The board which chartered and regulated federal savings and loan associations, as well as controlled the system of Federal Home Loan Banks. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) transferred regulation and chartering of thrifts to the Office of Thrift Supervision (OTS). (See: Office of Thrift Supervision).

See: Federal Home Loan Banks.

Banks created under the Federal Home Loan Bank Act of 1932, in order to keep a permanent supply of money available for home financing. The banks are controlled by the Federal Home Loan Bank Board. Savings and loans, insurance companies, and other similar companies making long term mortgage loans may become members of the Federal Home Loan Bank System, and thus may borrow from one of the regional banks throughout the country.

A semi-governmental purchaser of mortgages in the secondary market. The trading of mortgage securities (Participation Certificates) for mortgages in its guarantor program has been highly successful.

See: FHA.

See: FNMA.

The government banking agency that sets interest rates for borrowing among banks and regulates government monetary policy. The rates that banks pay for money will determine the rates they charge for loans.

Also called IRS stamps. A transfer tax of $ .55 per $500, based on the sale price of real estate (less remaining loans). The tax ended as a federal tax and was taken up by most states with slight modifications in some areas. See also: Documentary Transfer Tax.

See: Interstate Highway System.

A federally chartered institution for savings and home mortgages, under the regulation of the Federal Home Loan Bank Board.

A federal corporation which insured deposits of thrift (savings and loan) associations. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) transferred all such insurance to the Federal Deposit Insurance Corporation (FDIC).

A lien attaching to property for nonpayment of a federal tax (estate, income, etc.). A federal tax lien differs from other liens in that it is not automatically wiped out by foreclosing on a mortgage or trust deed recorded before the tax lien (except by judicial foreclosure).

A reverse mortgage guaranteed by the federal government; also called a Home Equity Conversion Mortgage (HECM).

(1) Modernly, and not in strict legal terms, synonymous with fee simple or “ownership”. (2) A charge made by a landlord to a tenant, which is not refundable. For example: A cleaning deposit would be refunded if the tenant left the rented property reasonably clean. A cleaning fee would be a charge by the landlord for cleaning the rented property and would not be refunded regardless of the condition of the property.

An independent contractor, not an employee of the company requesting the appraisal.