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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. [138] In addition, HUD required Freddie and Fannie to provide 12% of their portfolio to "special affordable" loans.
The authority of the United States Department of the Treasury to establish and manage TARP under a newly created Office of Financial Stability became law October 3, 2008, the result of an initial proposal that ultimately was passed by Congress as H.R. 1424, enacting the Emergency Economic Stabilization Act of 2008 and several other acts. [8] [9]
On 16 March 2008, J.P. Morgan Chase announced that it would buy Bear Stearns for $500 million or $2 a share; [20] those same shares a year earlier were trading at around $150. [21] Later, on 24 March 2008 J.P. Morgan Chase increased the offer to $1.2 billion or $10 a share [ 22 ] and five days later the acquisition was approved. [ 23 ]
New year, same old real estate market: The high mortgage rates, scarce inventory and dismal affordability that have plagued housing look set to linger. NBC Universal 2 months ago The housing ...
That's down from 21% in the third quarter of 2013, and the 2012 peak of 31%." Foreclosures as of October 2014 were down 26% from the prior year, at 41,000 completed foreclosures. That was 65% below the peak in September 2010 (roughly 117,000), but still above the pre-crisis (2000–2006) average of 21,000 per month. [351]
In Q1/2007, S&P/Case-Shiller house price index records first year-over-year decline in nationwide house prices since 1991. [126] The subprime mortgage industry collapses, and a surge of foreclosure activity (twice as bad as 2006) [ 127 ] and rising interest rates threaten to depress prices further as problems in the subprime markets spread to ...
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