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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 Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is an American publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons, Virginia. [ 3 ] [ 4 ] The FHLMC was created in 1970 to expand the secondary market for mortgages in the US.
Fannie Mae and Freddie Mac are government-sponsored enterprises that buy and sell home loans on the secondary mortgage markets. The two help make affordable financing available to home buyers by ...
Federal first-time homebuyer programs: Loans and programs backed or offered by the federal government. ... Fannie Mae and Freddie Mac, requires just 3 percent down and a minimum credit score of 620.
"Over the past decade Fannie Mae and Freddie Mac have reduced required down payments on loans that they purchase in the secondary market. Those requirements have declined from 10% to 5% to 3% and in the past few months Fannie Mae announced that it would follow Freddie Mac's recent move into the 0% down payment mortgage market." [153]
First-time buyers often face a number of obstacles to purchasing their home. With an average age of 35, according to the National Association of Realtors, first-time homebuyers are 23 years younger...
Freddie Mac, short for the Federal Home Loan Mortgage Corporation, came on the scene through an act of Congress in 1970, with a similar purpose of ensuring that there are reliable, affordable ...
Among the important catalysts of the subprime crisis were the influx of money from the private sector, the banks entering into the mortgage bond market, government policies aimed at expanding homeownership, speculation by many home buyers, and the predatory lending practices of the mortgage lenders, specifically the adjustable-rate mortgage, 2 ...