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These programs generally worked as follows: "Let's say someone wanted to buy a $100,000 house but didn't have the required down payment and closing costs, which we will say totaled $6,000. A nonprofit 'affordable housing' organization would provide the required $6000 to the homebuyer as a 'gift' and, simultaneously, collect the same amount ...
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President George W. Bush.
Economist Stan Leibowitz argued in the Wall Street Journal that although only 12% of homes had negative equity, they comprised 47% of foreclosures during the second half of 2008. He concluded that the extent of equity in the home was the key factor in foreclosure, rather than the type of loan, credit worthiness of the borrower, or ability to ...
Claiborne Pell. The Higher Education Amendments of 1972 reauthorized the three campus-based programs, leaving the Economic Opportunity Grant Program with the same name, but renaming the two others: the National Defense Student Loan Program became the National Direct Student Loan or Federal Direct Student Loan Program and the Federal Supplemental Educational Opportunity Grant Program ().
Federal Perkins Loan (Perkins Loan) Program: This is a school-based loan program for eligible students with exceptional financial need. Students may qualify for a Perkins Loan of up to $8,000 each year depending on financial need, the amount of other aid received, and the availability of funds at the school.
An Office of the Comptroller of the Currency study in 1988 indicated fraud in 11 percent of failures between 1979–87; a Federal Deposit Insurance Corporation study in 25 percent of failures in 1989; a Resolution Trust Corporation study in 1992 found fraud in 33 percent of its cases; and a 1994 General Accounting Office study reported 26 ...