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Government housing policies guaranteed home mortgages and/or promoting low or no down payment have been criticized by economist Henry Hazlitt as "inevitably" meaning "more bad loans than otherwise", wasting taxpayer money, " leading to "an oversupply of houses" bidding up[ the cost of housing. In "the long run, they do not increase national ...
A 2009 Republican congressional staff report cited government pressure as a cause of the crisis: "Washington must reexamine its politically expedient but irresponsible approach to encouraging higher levels of home ownership based on imprudently small down payments and too little emphasis on borrowers’ creditworthiness and ability to repay ...
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 ...
The Small Business Administration would not be able to issue new loans, with limited exceptions. The National Labor Relations Board could furlough staff, disrupting the ability to mediate disputes.
Lawmakers agreed on more than $2 billion in funding for the Small Business Administration after officials said its disaster loan program — which businesses and homeowners rely on for low ...
The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A.The Small Business Act was originally enacted as the "Small Business Act of 1953" in Title II (67 Stat. 232) of Pub. L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The "Reconstruction Finance Corporation Liquidation Act" was Title I ...
The recent Federal Reserve rate cut has set the stage for potentially lower mortgage rates but industry experts are looking beyond central bank policy to gauge where rates might land by year-end ...
The U.S House passed a bill in early April, 2008 that would offer government insurance on $300 billion (~$417 billion in 2023) in new mortgages to refinance loans for an estimated 500,000 borrowers facing foreclosure and an additional 15 billion to affected states to buy and fix foreclosed homes. [8]
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