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Home Mortgages
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... The first government activity that was aimed at expanding homeownership was the Servicemen’s Readjustment Act of 1944, commonly known as the GI Bill of Rights, which entitled returning soldiers to a college education, unemployment and self-employment allowances; and home, farm, and business loans. ... The bill endorsed $3 billion in funding for the Federal Housing Administration (FHA) to protect mortgage insurance, $250 million to the Federal National Mortgage Association for acquiring mortgages of debtors facing default, and $300 million for college housing loans (1). Congress furthered this bill by raising limits on Federal Housing Administration loans to $150 million direct home loan program for veterans (5). ... This bill was left very open ended for land speculation until the head of the Housing and Home Finance Administration decided that his agency had the power to condemn land and plan housing developments in isolated areas. ... With the Housing Act of 1959 Congress expanded the FHA’s total loan-granting authority and increased the limits on individual mortgages. This statement further allowed the FHA to assume defaulted mortgages on family homes to prevent foreclosure and to cover new or rehabilitated buildings in which elderly residents occupied half the units. The Federal National Mortgage Association would now receive $25 million for the purchase of FHA mortgages. ... Congress then replaced the Housing and Home Finance Administration, including the Federal Housing Administration and the Federal National Mortgage Association, with the Department of Housing and Urban Development (HUD) with the Department of Housing and Urban Development of 1965 (10). ... This program is honored for its offer of monthly subsidy for home mortgages. ... The Tax Reform Act of 1986 allowed taxpayers to deduct the full cost of interest payments on home mortgages for primary and secondary residences (7). This bill made paying a mortgage more attractive to renting a residence by a ratio of three to two, significantly encouraging home ownership (10). ... This act further adding to the smaller HOME Investment Act of 1990 by offering matching funds to help private individuals buy homes (10). ... In the early 1990’s home ownership became risky for many people. There was a skyrocket in the amount of re-possessions and people in serious arrears with their mortgages. ... The second reason was the development and improvement of the Home Ownership and Equity Protection Act (HOEPA).
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Paper Information
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Title: Home Mortgages
Words: 1888
Rating: None
Pages: 7.6
submitted by: jklein1
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