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RE Finance 1-4
Unit 1
| Term | Definition |
|---|---|
| American Recovery and Reinvestment Act of 2009 (ARRA) | stimulus bill - federal tax cuts, unemployment benefits, etc. |
| American Taxpayer Relief Act of 2012 (ATRA) | it extended the mortgage debt cancellation through 2017 |
| Baby Boomers | born between 1946 - 1964 |
| Collateral | to back up a promise to repay a loan (ex. property, building & land) |
| Consumer Financial Protection Bureau (CFPB) | is to set rules and regulations for any business that provides financial services for consumers. |
| Disintermediation | is when more funds are withdrawn from finanacial institutions than are being deposited. |
| echo boomers | born in the 1980 and 1990's |
| equitable title | is the right to the property before you finish owning it (borrower) |
| Generation X | born between 1965-1979 |
| Home Affordable Modification Program (HAMP) | modified loan payments to home owners making a good faith effort. |
| Home Affordable Refinance Program (HARP) | a second chance to provide refinancing assistance |
| hypothecation | means to pledge real or personal property as security for a debt |
| leverage | is the use of a proportionately small amount of money to secure a large loan for the purchase of a property. |
| millennials | people borned in 1985-2004 |
| mortgage-backed securities (MBSs) | the secondary market invested in these groups of mortgage loans bundled together. |
| Mortgage Forgiveness Debt Relief Act of 2007 | fogave the loan and mortgage insurance premiums for homeowner who lost a home due to foreclosure or short sale. And didn't have to pay taxes on the amount. |
| primary market | comercial banks, credit unions, savings banks, life insurance companies |
| real estate cycle | the ups and downs of real estate |
| robo-signing | in which a bank official signs thousands of documents without verfying the information. |
| secondary market | Fannie Mae, Freddie Mac, Ginnie Mae, Federal Home Loan Bank, Private investors |
| short sale | is which the lender excepts less than the actual payment due |
| subprime market | liberal qualifying standards with inital low payments |
| Taxpayer Relief Act of 1997 (TRA '97) | providing exemptions on capital gains taxes on profits made from the sale of personal residence |
| Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) | expected to restore responsibility and accountability to the financial system. |
Created by:
bkgee
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