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The requirement imposed on a debtor to pay a debt and the legal right of a creditor to enforce payment.
The loss of value or usefulness usually over a period of time, because of wear, changing technology or user preference.
The percentage of space or units that are leased or occupied.
A block of shares of less than a round lot, usually traded at one time. (A round lot is a multiple of 100.)
off-balance sheet activities
The business activities of a savings association that generally do not involve booking assets (loans) and taking deposits. Off-balance sheet activities normally generate fees, but produce liabilities or assets that are deferred or contingent and thus, under GAAP, do not appear on the institution's balance sheet until or unless they become actual assets or liabilities with a value or cost that can be determined. Examples include guarantees substituting the institution's own credit for a third party such as in standby letters of credit; interest rate swaps; foreign exchange forward options; repurchase agreements; loan commitments; and recourse associated with sales of assets.
An expression of a willingness to sell something at a given price; opposite of bid.
An issue of securities or bonds presented for sale.
Office of Federal Housing Enterprise Oversight
A government agency responsible for ensuring the financial safety and soundness of the nation's two largest players in the secondary mortgage market, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). OFHEO is an independent office of the Department of Housing and Urban Development, and was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
Office of Financial Institution Adjudication
An office that houses administrative law judges who conduct adjudicatory hearings for the federal financial institution regulatory agencies: the Office of Thrift Supervision, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the National Credit Union Administration. OFIA is housed at the Office of Thrift Supervision.
Office of the Comptroller of the Currency
A federal office created by Congress in 1863 as a part of the national banking system. The Comptroller of the Currency is a bureau of the Treasury Department and charters, regulates and examines national banks. The Comptroller of the Currency came into being during the civil war. In part to finance the war debt, Congress authorized federally chartered banks that were to issue bank notes - in other words, currency. Initially, the OCC provided the bank notes to these federally chartered banks, and each bank then printed its own name on the paper money it put into circulation. Thus, the agency got its name from its original responsibility of controlling the currency it distributed to these federal banks.
Office of Thrift Supervision
A bureau of the Treasury Department that was authorized by Congress in the Financial Institutions Reform, Recovery and Enforcement Act of 1989, to charter, regulate, examine and supervise savings institutions.
Improvements in land development that are off the development site, such as utility lines, sidewalks, gutters and curbs, that enhance the value of the development.
Describes the application of a payment to reduce the outstanding principal of a loan.
The situation in which an investor borrows part of the purchase price of a security from the broker selling that security.
A depositor's check that is presented for payment at the same financial institution that carries the account on which the check is written. A financial institution would use the term to refer to checks drawn on accounts it holds and presented for payment at its counter.
Any construction of buildings or other improvements within the boundaries of a property that increases the value of the property.
open market operations
Purchases and sales of government and certain other securities in the open market by the New York Federal Reserve Bank as directed by the Federal Open Market Committee, in order to influence the volume of money and credit in the economy. Purchases of government securities inject reserves into the depository system and foster expansion in money and credit; sales have the opposite effect. Open market operations are the Federal Reserve's most important and flexible monetary policy tool.
A mortgage loan that can be paid off, without penalty, at any time prior to maturity.