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NOMINAL CONSIDERATION A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration." GRANDFATHER CLAUSE Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law. MORTGAGE NOTE Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument. INTEREST RATE The annual rate of interest on the loan, expressed as a percentage of 100. FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system. TENANT In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease. FEDERAL HOUSING ADMINISTRATION (FHA) The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market. |
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