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2. Housing and Economic Recovery Act of 2008 - Wikipedia

   en.wikipedia.org/wiki/Housing_and_Economic...

   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.

3. Subprime crisis background information - Wikipedia

   en.wikipedia.org/wiki/Subprime_crisis_background...

   Such loans have a higher risk of default than loans to prime borrowers." [ 1 ] If a borrower is delinquent in making timely mortgage payments to the loan servicer (a bank or other financial firm), the lender may take possession of the property, in a process called foreclosure .

4. What is the Home Ownership and Equity Protection Act (HOEPA)?

   www.aol.com/finance/home-ownership-equity...

   Assessing a borrower’s ability to repay: Before issuing a high-cost mortgage, the mortgage lender must thoroughly review the borrower’s finances, including credit history, income, assets and debt.

5. What is a subprime mortgage? - AOL

   www.aol.com/finance/subprime-mortgage-175324178.html

   A subprime fixed-rate mortgage works just like a conventional fixed-rate mortgage in that the borrower gets a set interest rate and the monthly payment remains the same for the entire loan ...

6. The truth about no-appraisal home equity loans: What ... - AOL

   www.aol.com/finance/what-is-a-no-appraisal-home...

   Qualifying for a home equity loan typically requires a minimum of 15% to 20% equity in your home after first and second mortgages are accounted for, a credit score of at least 620 (although higher ...

7. Credit rating agencies and the subprime crisis - Wikipedia

   en.wikipedia.org/wiki/Credit_rating_agencies_and...

   source: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, p.229, figure 11.4 Credit rating agencies came under scrutiny following the mortgage crisis for giving investment-grade, "money safe" ratings to securitized mortgages (in the form of securities known as mortgage-backed securities (MBS) and collateralized debt obligations ...

8. What is a home equity loan? - AOL

   www.aol.com/finance/home-equity-loan-233534325.html

   A home equity loan is a type of second mortgage secured by the equity in your home. It offers a set amount at a fixed interest rate, so it’s best for borrowers who know exactly how much money ...

9. Home Ownership and Equity Protection Act of 1994 - Wikipedia

   en.wikipedia.org/wiki/Home_Ownership_and_Equity...

   In September 1994, President Bill Clinton signed into law the Home Ownership and Equity Protection Act of 1994, written by US Rep. Joseph P. Kennedy (D-Mass). The law requires certain disclosures and clamps restrictions on lenders of high-cost loans.