Search results
Results from the WOW.Com Content Network
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 number of unemployed rose from approximately 7 million in 2008 pre-crisis to 15 million by 2009, then declined to 12 million by early 2013. [327] Residential private investment (mainly housing) fell from its 2006 pre-crisis peak of $800 billion, to $400 billion by mid-2009 and has remained depressed at that level.
In his dissent to the majority report of the Financial Crisis Inquiry Commission, conservative American Enterprise Institute fellow Peter J. Wallison [273] stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by the United States Department of Housing and Urban ...
In October 2008, the Swiss National Bank funded a reorganization of UBS that removed bad assets from its books, and later sold its equity stake at a profit. In November 2008, the U.S. government purchased $27 billion of preferred stock in Citigroup, a USA bank with over $2 trillion in assets, and warrants on 4.5% of its common stock. The ...
“Every crisis is different, and we’re not in a crisis now,” James B. Lockhart III said. 3 reasons why we aren’t in a housing emergency, according to an official at the center of the 2008 ...
It's too early in the housing mess for there to be a full length book on what went wrong. But The Wall Street Journal's June Fletcher pinpointed many of the factors that would lead to the current ...
The Financial Crisis Inquiry Commission (FCIC) was established in 2010 to investigate the causes of the financial crisis of 2007–2008. [1] The Commission, [ 2 ] led by Phil Angelides , held public hearings, gathered testimony from hundreds, and released its report in January 2011.
Before the crash, the housing market prophet was warning that subprime loans were probably the “greatest financial problem” for the U.S. economy, and in January 2006 wrote an article titled ...