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Affirmative Mortgage

1998: Sec. Andrew Cuomo Defends Affirmative Action Mortgage Policy

Andrew Cuomo admits "affirmative action" determined housing policy during his tenure at HUD. New York's new governor defiantly ...

Draft Senate GSE Reform Bill Would Scale Back Affordable Housing Lending

Offices of the senators working on the draft, Bob Corker, R-Tenn., and Mark Warner, D-Va., say the draft is not final and neither senator has formally committed to it.

The draft bill is the newest attempt at housing finance reform, the last big unfinished business of financial system reform in the aftermath of the Great Recession. After the Federal Housing Finance Agency (FHFA) took Fannie Mae and Freddie Mac–the so-called government sponsored enterprises, or GSEs–into conservatorship in 2008, the Treasury Department invested $187 billion to keep them operating and to support the housing market. The GSEs since returned to financial health and paid $271 billion in dividends to Treasury, but they remain in conservatorship. 

Under the current system, Fannie Mae and Freddie Mac are required to meet certain affordable housing goals; have additional duties to serve rural communities, housing preservation and manufactured housing; and contribute ($339 million in 2017) to the Housing Trust Fund and Capital Magnet Fund.

Need money? A 2018 HELOC could be your solution

Borrow using a 2018 HELOC. But will they?

Advantages of HELOCs

It looks likely many people will because HELOCs have always been popular for two main reasons. First, they're a very cheap way of borrowing, and secondly, they're highly flexible.

Cheap borrowing

HELOCs are second mortgages. That means they take the second position if the property goes into foreclosure and must be sold. The odds of a second mortgage lender getting fully repaid from the proceeds of a foreclosure sale are not great, and that's why their interest rates are higher than those of fixed first mortgages.

Not that much higher because they're still secured by a home (the home as collateral), the interest rates people typically pay on them are lower than those of nearly any other sort of borrowing. At the time of writing, those with very good or excellent credit could find their rate starting with a 5 (5.XX percent APR).

That's at a time when the average credit card rate is over 16 percent. Indeed, some plastic charges more than 30 percent. HELOCs almost always cost significantly less in interest than personal loans, auto loans, student loans and other types of borrowing that aren't secured by your home.

anybody recall the details how bill clinton got the affirmative action mortgage laws changed in 1995?

robert greenwald and james h.

In the late 1990's, the then CEO Franklin Raines relaxed lending standards at Fannie Mae to allow subprime borrowers to obtain loans. This was done under the direction of the Clinton Administration. Relaxing of Lending Standards

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