WASHINGTON — There is a language of money, complete with its own vocabulary. It’s in your interest to know as much of the terminology as you can, so don’t be too embarrassed to ask what something means.

One participant during a recent online discussion asked me a question that some might dismiss as naive. But it was a question that many people should have asked before they bought their homes. After all, in a recent survey commissioned by bankrate.com, 34 percent of homeowners with mortgages didn’t have a clue as to what type of loan they had.

“There have been many stories in the news about subprime loans,” the reader wrote. “What exactly is a subprime loan? And what exactly is the problem with defaulting on a subprime loan versus a prime loan? Are there signs to watch out for when you are discussing mortgages with a bank or a lender?”

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Washington Mutual Inc., the largest U.S. savings and loan, offered to refinance $2 billion worth of mortgages at lower interest rates to help subprime borrowers meet rising payments on their homes.

Homeowners who anticipate higher payments on a Washington Mutual adjustable-rate subprime mortgage can apply for assistance, the Seattle-based thrift said Wednesday in a statement.

One of the options is a 30-year, fixed-rate loan that charges half a percentage point of interest less than borrowers would otherwise pay.

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WASHINGTON — The heads of Fannie Mae and Freddie Mac said today the mortgage finance giants are developing new types of loans to help distressed borrowers with high-risk mortgages keep their homes at a time of rising foreclosures.

The moves by the two government-sponsored companies, the biggest buyers and guarantors of home mortgages in the country, came in response to the turmoil in the market for so-called subprime mortgages, higher-priced loans for people with tarnished credit or low incomes who are considered greater risks.

In recent weeks, the distress has roiled financial markets and stoked anxiety that it could spill over into the broader economy.

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