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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.
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
HELOCs are usually offered at attractive interest rates. This is because they are secured against a borrower’s home and thus seen as low-risk financial products. However, because the collateral of a HELOC is the home, failure to repay the loan or meet loan requirements may result in foreclosure. As a result, lenders generally require that the ...
Ann Arbor is a city in and the county seat of Washtenaw County in the U.S. state of Michigan.Founded in 1824 by John Allen and Elisha Rumsey, it was named after the wives of the village's founders, both named Ann, and the stands of bur oak trees they found there.
During the Great Depression, loan modification programs took place at the state level in an effort to reduce levels of loan foreclosures. During the Subprime mortgage crisis, loan modification became a matter of national policy, with various actions taken to alter mortgage loan terms to prevent further economic destabilization.
In the United States, full documentation loan refers to a loan where all income and assets are documented. [1] It is typically referred to as a "full doc" loan in the mortgage industry and is a common type of loan used for financing a home purchase.
The McKinney–Vento Homeless Assistance Act of 1987 is a United States federal law that provides federal money for homeless shelter programs. [1] [2] It was the first significant federal legislative response to homelessness, [3] and was passed by the 100th United States Congress and signed into law by President Ronald Reagan on July 22, 1987. [4]
Real estate economists analyze supply, demand, and pricing in real estate. Real estate economics is the application of economic techniques to real estate markets.It aims to describe and predict economic patterns of supply and demand.