|
HEARTH Act
The Helping Families Save Their Homes Act of 2009 () is an enacted public law in the United States. On May 20, 2009, the Senate bill was signed into law by President Barack Obama. The stated purpose of the act, a product of the 111th United States Congress, was to allow bankruptcy judges to modify mortgages on primary residences, among other purposes; however, that provision was dropped in the Senate and is not included in the version that was eventually signed into law. In addition, the bill amends the Hope for Homeowners Program as well as provide additional provisions to help borrowers avoid foreclosure. On May 20, 2009, President Obama signed the Homeless Emergency Assistance and Rapid Transition to Housing (HEARTH) Act into law (), reauthorizing HUD's Homeless Assistance programs. It was included as part of the Helping Families Save Their Homes Act of 2009. The HEARTH Act allows for the prevention of homelessness, rapid re-housing, consolidation of housing programs, and new hom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Law
Public law is the part of law that governs relations between legal persons and a government, between different institutions within a state, between different branches of governments, as well as relationships between persons that are of direct concern to society. Public law comprises constitutional law, administrative law, tax law and criminal law, as well as all procedural law. Laws concerning relationships between individuals belong to private law. The relationships public law governs are asymmetric and inequalized. Government bodies (central or local) can make decisions about the rights of persons. However, as a consequence of the rule-of-law doctrine, authorities may only act within the law (''secundum et intra legem''). The government must obey the law. For example, a citizen unhappy with a decision of an administrative authority can ask a court for judicial review. The distinction between public law and private law dates back to Roman law, where the Roman jurist Ulpian ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Financial Services Committee
The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking and housing industries. The Financial Services Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission and other financial services regulators. The House Committee on Financial Services is considered to be one of the House's most powerful committees. It is currently chaired by Democrat Maxine Waters from California. Waters was elected as chair of the committee, and assumed office on January 3, 2019. The Ranking Member is Republican Patrick McHenry from North Carolina, he has served as the Ranking Member since January 3, 2019. Jurisdiction Under the rules of the 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions. The FDIC is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HOPE For Homeowners
The United States Housing and Economic Recovery Act of 2008 () (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis. It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value. It was intended to restore confidence in Fannie Mae and Freddie Mac by strengthening regulations and injecting capital into the two large U.S. suppliers of mortgage funding. States are authorized to refinance subprime loans using mortgage revenue bonds. Enactment of the Act led to the government conservatorship of Fannie Mae and Freddie Mac. Legislative history The Act was passed by the United States Congress on July 24, 2008 and signed by President George W. Bush on July 30, 2008. Subsequent amendments Some provisions of the law were modified by the American Recovery and Reinvestment Act of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Housing Administration
The Federal Housing Administration (FHA), also known as the Office of Housing within the Department of Housing and Urban Development (HUD), is a United States government agency founded by President Franklin Delano Roosevelt, created in part by the National Housing Act of 1934. The FHA insures mortgages made by private lenders for single-family properties, multifamily rental properties, hospitals, and residential care facilities. FHA mortgage insurance protects lenders against losses. If a property owner defaults on their mortgage, FHA pays a claim to the lender for the unpaid principal balance. Because lenders take on less risk, they are able to offer more mortgages. The goal of the organization is to facilitate access to affordable mortgage credit for low- and moderate-income and first-time homebuyers, for the construction of affordable and market rate rental properties, and for hospitals and residential care facilities in communities across the United States and its terri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secretary Of Housing And Urban Development
The United States secretary of housing and urban development (or HUD secretary) is the head of the United States Department of Housing and Urban Development, a member of the president's Cabinet, and thirteenth in the presidential line of succession. The post was created with the formation of the Department of Housing and Urban Development on September 9, 1965, by President Lyndon B. Johnson's signing of () into law. The department's mission is "to increase homeownership, support community development and increase access to affordable housing free from discrimination." Secretary of Housing and Urban Development is a Level I position in the Executive Schedule,. thus earning a salary of US$221,400, as of January 2021. , Marcia Fudge is the secretary of housing and urban development. List of secretaries of housing and urban development ;Parties (9) (9) ; Status References External links * , - {{DEFAULTSORT:United States Secretary of Housing and Urban Deve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 13 Bankruptcy
Title 11 of the United States Code sets forth the statutes governing the various types of relief for bankruptcy in the United States. Chapter 13 of the United States Bankruptcy Code provides an individual with the opportunity to propose a plan of reorganization to reorganize their financial affairs while under the bankruptcy court's protection. The purpose of chapter 13 is to enable an individual with a regular source of income to propose a chapter 13 plan that provides for their various classes of creditors. Under chapter 13, the Bankruptcy Court has the power to approve a chapter 13 plan without the approval of creditors as long as it meets the statutory requirements under chapter 13. Chapter 13 plans are usually three to five years in length and may not exceed five years. Chapter 13 is in contrast to the purpose of Chapter 7, which does not provide for a plan of reorganization, but provides for the discharge of certain debt and the liquidation of non-exempt property. A Chapte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cram Down
A cram down or cramdown is the involuntary imposition by a court of a reorganization plan over the objection of some classes of creditors. Home mortgage loans While typically used in a corporate context, the phrase has gained popularity in the context of personal bankruptcies as a result of the financial crisis of 2007–2009. In the mortgage context, the term "cramdown" has a distinct meaning than in a chapter 11 corporate bankruptcy. Instead of referring to the confirmation of a plan over the objection of an impaired class of creditors, a mortgage cram-down refers to reducing the creditor's allowed secured claim to the value of the collateral property. This procedure, which is sometimes known as lien stripping or strip-down, has nothing to do with the plan confirmation process per se. Under current United States law, bankruptcy courts are not allowed to perform cramdowns (i.e., reduce the principal amount or change the interest rate or other terms) on creditors who hold lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate Committee On Banking, Housing, And Urban Affairs
The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency), also known as the Senate Banking Committee, has jurisdiction over matters related to banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes, currency and coinage, public and private housing, urban development, mass transit and government contracts. The current chair of the committee is Democrat Sherrod Brown of Ohio, and the Ranking Member is Republican Pat Toomey of Pennsylvania. History The committee is one of twenty standing committees in the United States Senate. The committee was formally established as the "Committee on Banking and Currency" in 1913, when Senator Robert L. Owen of Oklahoma sponsored the Federal Reserve Act. Senator Owen served as the committee's inaugural chairman. Jurisdiction In accordance of Rule XXV of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York (state)
New York, officially the State of New York, is a state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the 27th-largest U.S. state by area. With 20.2 million people, it is the fourth-most-populous state in the United States as of 2021, with approximately 44% living in New York City, including 25% of the state's population within Brooklyn and Queens, and another 15% on the remainder of Long Island, the most populous island in the United States. The state is bordered by New Jersey and Pennsylvania to the south, and Connecticut, Massachusetts, and Vermont to the east; it has a maritime border with Rhode Island, east of Long Island, as well as an international border with the Canadian provinces of Quebec to the north and Ontario to the northwest. New York City (NYC) is the most populous city in the United States, and around two-thirds of the state's popul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
José Enrique Serrano
José is a predominantly Spanish and Portuguese form of the given name Joseph. While spelled alike, this name is pronounced differently in each language: Spanish ; Portuguese (or ). In French, the name ''José'', pronounced , is an old vernacular form of Joseph, which is also in current usage as a given name. José is also commonly used as part of masculine name composites, such as José Manuel, José Maria or Antonio José, and also in female name composites like Maria José or Marie-José. The feminine written form is ''Josée'' as in French. In Netherlandic Dutch, however, ''José'' is a feminine given name and is pronounced ; it may occur as part of name composites like Marie-José or as a feminine first name in its own right; it can also be short for the name ''Josina'' and even a Dutch hypocorism of the name ''Johanna''. In England, Jose is originally a Romano-Celtic surname, and people with this family name can usually be found in, or traced to, the English county of C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Committee Of The Whole (United States House Of Representatives)
In the United States House of Representatives, a Committee of the Whole House is a congressional committee that includes all members of the House. In modern practice there is only one such committee, the Committee of the Whole House on the State of the Union, which has original consideration of all bills on the Union Calendar. While assembled the House may resolve itself temporarily into a Committee of the Whole House. Business can then proceed with various procedural requirements relaxed. At the conclusion of business, the committee resolves to "rise" and reports its conclusions (typically in the form of an amended bill) or lack of conclusion to the speaker. When the House resolves into a Committee of the Whole House, the speaker appoints another member to the chair, and this member is responsible for delivering the committee's report. Conventionally, the speaker appoints a member of the majority party who does not hold the chair of a standing committee. A Committee of the Whole ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
