• Is the base of natural logarithms or 2.71828.
| ||Embedded terms in definition|
| ||Natural logarithm|
| ||Referenced Terms|
| ||Adjustable rate mortgage: Is a loan which has a coupon or intErest rate that is subject to change on predetermined reset dates. These loans use interest rate indices as the benchmark rate. Adjustable Rate Mortgages come in many variations. Typically, the reset dates recur every 1, 3, or 5 years; but there are other periods used as well. These loans may have cap and floor features which constrain each reset change in interest rates. There may also be lifetime cap and floor features. Adjustable Rate Mortgages may be strictly amortizing though some have negative amortization features.A mortgagE whose interest rate changes periodically based on the upward or downward movement of a specified benchmark, e.g. six month or one-year Treasury bills.|
| ||Annual cleanup: ThE requirement that for a certain number of days during the year, borrowers under a line of credit carry a zero loan balance (i.e., owe the bank nothing).|
| ||Away: A tradE, quote, or market that does not originate with the dealer in question, for example, "the bid is 98 10 away (from me)."A tradE, quote, or market that does not originate with the dealer in question, e.g., the bid is 98-10 away from me. |
| ||Bank wire: A computEr message system linking major banks. It is used not for effecting payments, but as a mechanism to advise the receiving bank of some action that has occurred, for example, the payment by a customer of funds into that bank's account.A computEr message system linking major banks. It is used not for effecting payments, but as a mechanism to advise the receiving bank of some action that has occurred, e.g. the payment by a customer of funds into that bank's account.|
| ||Blue sky laws: In thE early 1900's, a Kansas Supreme Court Justice wanted to protect investors from speculative ventures, i.e. those with no more basis than so many feet of blue sky. Today the term refers to state regulations regarding the securities industry.StatE laws covering the issue and trading of securities.|
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