Super Finance Glossary
Over 10,000 financial glossary terms...
Random Glossary Terms
Federal Savings and Loan Insurance Corporation (FSLIC): The federal corporation chartered
by Congress in 1934 to insure deposits in savings institutions. The FSLIC also served as a
conservator or receiver for troubled or failed insured savings associations. Effective April 1, 1980,
for insured savings and loan institutions, the FSLIC insured savings accounts up to $100,000. The
FSLIC functioned under the direction of the FHLBB, which provided certain administrative services
and conducted the examination and supervision of insured savings and loan associations. In 1989,
Congress abolished the FSLIC, transferring its resolution, conservatorship, and receivership functions
to the RTC and its responsibilities for the deposit insurance fund to the Savings Association Insurance
Fund, which is administered by the FDIC.
House rules: Internal rules of broker-dealer firm that govern the handling of its customers' accounts.
Threshold for refinancing: The point when the weighted-average coupon of an MBS is at a level to induce homeowners to prepay the mortgage in order to refinance to a lower-rate mortgage, generally reached when the weighted-average coupon of the MBS is 2 percentage points or more above currently available mortgage rates.
LIFO: Last in, first out
Private Mortgage Insurance (PMI): Policy protecting the holder against loss resulting from default on a mortgage loan.
