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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.
For a list of articles discussing the Federal Home Loan Bank System, Fannie Mae, and Freddie Mac, see Fannie Mae and Freddie Mac: A Bibliography. Susan M. Hoffman and Mark K. Cassell, eds. Mission Expansion in the Federal Home Loan Bank System (State University of New York Press; 2010) 208 pages; Thomson, James B. and Matthew Koepke.
Fannie Mae and Freddie Mac also have slightly different requirements for the mortgages they purchase. In both cases, Fannie and Freddie loans must be conforming loans , or adhere to these ...
The Act amended the charter of Fannie Mae and Freddie Mac to reflect the Democratic Congress' view that the GSEs "have an affirmative obligation to facilitate the financing of affordable housing for low- and moderate-income families in a manner consistent with their overall public purposes, while maintaining a strong financial condition and a ...
An FNMA loan, aka a conforming loan or Fannie Mae-backed mortgage, is a loan or mortgage that has been sold to the Federal National Mortgage Association (FNMA, or Fannie Mae) — or one that meets ...
Over the past several years, use of "automated underwriting" statistical models has reduced the amount of documentation required from many borrowers. Such automated underwriting engines include Freddie Mac's "Loan Product Advisor" (fka "Loan Prospector") and Fannie Mae's "Desktop Underwriter". For borrowers who have excellent credit and very ...
The bill, if it were passed, would modify the budgetary treatment of federal credit programs, such as Fannie Mae and Freddie Mac. [41] The bill would require that the cost of direct loans or loan guarantees be recognized in the federal budget on a fair-value basis using guidelines set forth by the Financial Accounting Standards Board. [41]
Fannie Mae and Freddie Mac, two U.S. government-sponsored enterprises, owned or guaranteed nearly $5 trillion (c. $6.95 trillion in 2023 [289]) trillion in mortgage obligations at the time they were placed into conservatorship by the U.S. government in September 2008. [358] [359]