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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.
Subpart D contains rules on oral disclosures, Spanish language disclosure in Puerto Rico, record retention, effect on state laws, state exemptions (which only apply to states that had Truth in Lending-type laws prior to the Federal Act), and rate limitations. Subpart E contains special rules for mortgage transactions. [5]
The Fraud Enforcement and Recovery Act of 2009, or FERA, Pub. L. 111–21 (text), S. 386, 123 Stat. 1617, enacted May 20, 2009, is a public law in the United States enacted in 2009. The law enhanced criminal enforcement of federal fraud laws, especially regarding financial institutions, mortgage fraud, and securities fraud or commodities fraud.
A new federal rule will block credit agencies from including medical debt in their reports on individuals, the Biden administration announced on Tuesday. The rule represents the culmination of a ...
In addition, TransUnion says if 5% of all Americans were to borrow a new mortgage based on a bi-merge score over the next 12 months, 600,000 new borrowers could face higher interest rates and pay ...
The new federal rule would go further, eliminating all medical debt from credit reports. Opponents of the new rule, including some congressional Republicans and banking industry leaders, contend ...
preempting, by federal bank regulators, of state consumer laws that restrict predatory lending; federal rules preventing victims of predatory lending from suing financial firms that purchased mortgages from the banks that had issued the original loan to the victims; expansion by Fannie Mae and Freddie Mac into the subprime mortgage market;
Adding the accrued interest, escrow advances and costs to the principal balance of the loan, if allowed by state law; 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 ...