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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.
Re-instate the separation of commercial (depository) and investment banking established by the Glass–Steagall Act in 1933 and repealed in 1999 by the Gramm-Leach-Bliley Act. [20] Simon Johnson: Break-up institutions that are "too big to fail" to limit systemic risk. [21] Paul Krugman: Regulate institutions that "act like banks " similarly to ...
Under the Bush Administration HUD continued to pressure Fannie and Freddie to increase affordable housing purchases – to as high as 56 percent by the year 2008. [25] To satisfy these mandates, Fannie and Freddie eventually announced low-income and minority loan commitments totalling $5 (~$6.95 trillion in 2023) trillion. [ 26 ]
Obama endorsed Kamala Harris' housing plan during his DNC speech. Harris' proposal aims to address housing affordability in part by building millions of new homes.
One of the positives for affordability is that Realtor.com forecasts the 30-year fixed mortgage rate will drop to an average 6.8% in 2024, more than a percentage point lower than the 8% peak this ...
If the Senate confirms Scott Turner as secretary for the Department of Housing and Urban Development, he will take over responsibility for America’s largest housing agency at a time when the ...
The Housing and Community Development Act of 1992 established an affordable housing loan purchase mandate for Fannie Mae and Freddie Mac, and that mandate was to be regulated by HUD. Initially, the 1992 legislation required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing.
The Homeowners Affordability and Stability Plan is a U.S. program announced on February 18, 2009, by U.S. President Barack Obama.According to the US Treasury Department, it is a $75 billion program to help up to nine million homeowners avoid foreclosure, which was supplemented by $200 billion in additional funding for Fannie Mae and Freddie Mac to purchase and more easily refinance mortgages. [1]