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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 Housing and Economic Recovery Act of 2008 in the United States included six separate major acts designed to restore confidence in the domestic mortgage industry. [6] The Act included: Providing insurance for $300 billion in mortgages estimated to assist 400,000 homeowners.
According to a New York Times article published in 2008, "he pushed hard to expand home ownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged ...
Terrance Emerson/Shutterstock By Mitch Lipka U.S. consumers who suffered through the mortgage crisis -- and even those who experienced losses from Superstorm Sandy -- could benefit from the record ...
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Although the future of a fourth stimulus check is uncertain, there is still a huge chunk of money homeowners can tap into to get relief if they are struggling with housing expenses. While...
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
Those refunds represent repayment for excessive fees and improper charges the mortgage company levied on homeowners whose loans were serviced by Countrywide between January 1, 2005, and July 1, 2008.