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Provides loans for the refinancing of mortgages to owner-occupants at risk of foreclosure. The original lender or investor reduces the amount of the original mortgage (typically taking a significant loss) and the homeowner shares any future appreciation with the Federal Housing Administration. The new loans must be 30-year fixed loans.
In 1982, Congress passed the Alternative Mortgage Transactions Parity Act (AMTPA), which allowed non-federally chartered housing creditors to write adjustable-rate mortgages. Among the new mortgage loan types created and gaining in popularity in the early 1980s were adjustable-rate, option adjustable-rate, balloon-payment and interest-only ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
The federal Consumer Financial Protection Bureau (CFPB) announced today the adoption of new rules for mortgage lenders that prohibit deceptive teaser rates or no-documentation from borrowers, as ...
Extending the length of the mortgage loan as appropriate; Reducing the mortgage loan interest rate in increments of 0.125 percent to an interest rate that is not less than 3 percent. If the new rate is set below the market interest rate, after five years it will step up in annual increments to either the original loan interest rate or the ...
Mortgage lending standards declined during the boom and complex, risky mortgage offerings were made to consumers that arguably did not understand them. At the height of the bubble in 2005, the median down payment for first-time home buyers was 2%, with 43% of those buyers making no down payment whatsoever. [ 131 ]
The law requires certain disclosures and clamps restrictions on lenders of high-cost loans. [1] [2] Implemented via Regulation Z at 12 CFR 226.32, it only applies to non-purchase-money transactions. The law gives the Federal Reserve Board the power to administer the act and to
Mortgage loan originators must be licensed by a state or federal authority, and are mandated to act in the consumer's best interests. You’re ready to buy the home of your dreams, and now it’s ...
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