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RE Finance 1-4

Unit 1

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Disintermediation is when more funds are withdrawn from finanacial institutions than are being deposited.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
Popular Real Estate sets




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