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The FDIC guaranteed to Citigroup to cover any losses on the Wachovia banking portfolio greater than $42 billion, in exchange for $10 billion in preferred stock. However, Wachovia was eventually sold to Wells Fargo without government assistance, voiding the Citibank deal.
The Hope Now Alliance is a cooperative effort between the US government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages. . Created in 2007 [1] in response to the subprime mortgage crisis, the alliance claims to have helped over 1 million homeowners avoid foreclosure through January
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]
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Lender down payment assistance programs. Some mortgage lenders offer their own down payment assistance to eligible borrowers. Bank of America, Chase and Wells Fargo, for example, offer down ...
Fannie Mae’s HomeReady mortgage program addresses one of the challenges of buying a home with a low income by requiring just 3 percent of the home’s price as a down payment.
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