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November: Fannie Mae announced that the Department of Housing and Urban Development (“HUD”) would soon require it to dedicate 50% of its business to low- and moderate-income families" and its goal was to finance over $500 billion in Community Investment Act-related business by 2010. [34]
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
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.
Fannie Mae's new refinance program "RefiNow" is scheduled to launch June 5, available for qualifying homeowners with a Fannie Mae-owned mortgage. Low-income households could potentially save ...
Median cost to purchase a home by U.S. state Median cost to purchase a home by U.S. metro area Fig. 1: Robert Shiller's plot of U.S. home prices, population, building costs, and bond yields, from Irrational Exuberance, 2nd ed. [1] Shiller shows that inflation-adjusted U.S. home prices increased 0.4% per year from 1890 to 2004 and 0.7% per year from 1940 to 2004, whereas U.S. census data from ...
It can be used by prospective homebuyers and real estate agents to search for Fannie Mae-owned properties that are available to be purchased. The condition of the homes available through HomePath ...
House in Salinas, California under foreclosure, following the bursting of the U.S. real estate bubble. The 30-year mortgage rates increased by more than a half a percentage point to 6.74 percent during May–June 2007, [ 78 ] affecting borrowers with the best credit just as a crackdown in subprime lending standards limits the pool of qualified ...
“Retirees may be happy considering Sun City, Arizona,” Baker said. While its cost of living is the same as Phoenix, Sun City’s home prices are more affordable, with an average value of $310,000.
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