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The UK government made this takeover possible by waiving its competition rules. [10] Lehman Brothers declared bankruptcy on 15 September 2008, after the Secretary of the Treasury Henry Paulson, citing moral hazard, refused to bail it out. [11] [12] AIG received an $85 billion emergency loan in September 2008 from the Federal Reserve.
In 2003, the Bush Administration sought to create a new agency, replacing the Office of Federal Housing Enterprise Oversight, to oversee Fannie Mae and Freddie Mac.In 1992, in the wake of the savings and loan crisis, and over concern that similar lending problems would develop, the Office of Federal Housing Enterprise Oversight was created as part of the Department of Housing and Urban ...
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.
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Proprietary reverse mortgage – This is a loan offered by a private reverse mortgage lender and not insured by the government. Some proprietary reverse mortgage options allow you to take out a ...
It's an oversupply of properties, not a lack of inventory, roiling Japan's housing market. According to Japan's Ministry of Internal Affairs and Communications, nearly 9,000,000 vacant properties ...
Critics of U.S. affordable housing policies have cited three aspects of governmental affordable housing policy as having contributed to the financial crisis: the Community Reinvestment Act, HUD-regulated affordable housing mandates imposed upon Fannie Mae and Freddie Mac, and HUD's direct efforts to promote affordable housing through state and ...
The debate over economic policy has taken a predictable turn, and it's going to be a lamentable one, New York Times (NYT) columnist and Noble Prize-winning economist Paul Krugman says, if we ...