Housing and Economic Recovery Act of 2008 – H.R.3221
Housing and Economic Recovery Act of 2008 – H.R.3221
The U.S. passed H.R. 3221. The bill, the American Housing Rescue and Foreclosure Prevention Act, represents the most comprehensive response yet to the American mortgage crisis, and will help families facing foreclosure keep their homes, help other families avoid foreclosures in the future, and help the recovery of communities harmed by empty homes caught in the foreclosure process.
Key Summary
Summary of the “Housing and Economic Recovery Act of 2008″ A. Summary of the “Federal Housing Finance Regulatory Reform Act of 2008″ This legislation strengthens and modernizes the regulation of the housing government-sponsored enterprises – Fannie Mae and Freddie Mac (the enterprises) and the Federal Home Loan Banks (FHLBs or Banks) – and expands the housing mission of these GSEs. In addition, it creates a new program at FHA that will help at least 400,000 families save their homes from foreclosure by providing for new FHA loans after lenders take deep discounts.
- establish capital standard
- establish prudential management standards, including internal controls, audits, risk management, and management of the portfolio;
- enforce its orders through cease and desist authority, civil money penalties, and the authority to remove officers and directors;
- restrict asset growth and capital distributions for undercapitalized institutions;
- put a regulated entity into receivership; and
- review and approve (subject to notice and comment) new product offerings.
“HOPE for Homeowners Act of 2008″
1. Long-term affordability.
2. No investor or lender bailout.
3. No windfall for borrowers.
4. Voluntary participation.
5. Restore confidence, liquidity, and transparency.
My Opinion
This Act so cool and help people buy very slowly to luanched………….
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Tags: American Housing, American Mortgage, Asset Growth, Civil Money Penalties, Economic Recovery Act, Fannie Mae, Fannie Mae And Freddie Mac, Federal Home Loan, Federal Home Loan Banks, Fha Loans, Foreclosure Prevention, Freddie Mac, Government Sponsored Enterprises, Gses, Home Loan Banks, Management Standards, Prevention Act, Product Offerings, Regulatory Reform, Voluntary Participation
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