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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.
October 2, 2008: Stock market indices fell 4% as investors were nervous ahead of a vote in the U.S. House of Representatives on the Emergency Economic Stabilization Act of 2008. [147] October 3, 2008: The House of Representatives passed the Emergency Economic Stabilization Act of 2008 and the $700 billion Troubled Asset Relief Program. [148]
Household debt grew from $705 billion at year end 1974, 60% of disposable personal income, to $7.4 trillion at yearend 2000, and finally to $14.5 trillion in midyear 2008, 134% of disposable personal income. [63] During 2008, the typical US household owned 13 credit cards, with 40% of households carrying a balance, up from 6% in 1970. [64]
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Bill Clinton stated (in 2008): "I don't see that signing that bill had anything to do with the current crisis." [21] Luigi Zingales argues that the repeal had an indirect effect. It aligned the formerly competing investment and commercial banking sectors to lobby in common cause for laws, regulations and reforms favoring the credit industry. [22]
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The bankruptcy of Lehman Brothers, also known as the Crash of '08 and the Lehman Shock, on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal Reserve summoned several banks to negotiate ...
*Household Bill Pay Expense averages above reflect the ten most common bills paid, including housing (rent/mortgage). 1. Hawaii. Monthly Bill Expense per Household*: $3,070. Percent of Household ...
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