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Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession. Government housing policies, over-regulation, failed regulation and deregulation have all been claimed as causes of the crisis, along with many others.
Instills a socialistic style of government in which government creates and maintains control over businesses. On November 24, 2008, Republican Congressman Ron Paul (R-TX) wrote, "In bailing out failing companies, they are confiscating money from productive members of the economy and giving it to failing ones.
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.
In a move designed to make home ownership accessible to a greater number of Americans, mortgage companies Fannie Mae and Freddie Mac will raise the limits of government-backed loans to a record ...
Ginnie Mae is a government corporation within the U.S. Department of Housing and Urban Development that buys government-insured or -guaranteed mortgages typically designed to serve low- and ...
Provides loans for the refinancing of mortgages to owner-occupants at risk of foreclosure. The original lender or investor reduces the amount of the original mortgage (typically taking a significant loss) and the homeowner shares any future appreciation with the Federal Housing Administration. The new loans must be 30-year fixed loans.
"We know that small businesses are the economic backbone here in America." Anthony Sharett, DreamSprings' chairman of the board of directors, said at the event, following a video showcasing ...
Fannie Mae's Reston, Virginia, facility. The GSE business model has outperformed any other real estate business throughout its existence. According to the Annual Report to Congress, [13] filed by the Federal Housing Finance Agency, over a span of 37 years, from 1971 through 2007, Fannie Mae's average annual loss rate on its mortgage book was about four basis points.