Economic crisis in india essays

Several analysts, such as Peter Wallison and Edward Pinto of the American Enterprise Institute, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies. [70] [71] They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie’s and Freddie’s loan purchases be related to affordable housing. The legislation gave HUD the power to set future requirements, and eventually (under the Bush Administration) a 56 percent minimum was established. [72] To fulfil the requirements, Fannie Mae and Freddie Mac established programs to purchase $5 trillion in affordable housing loans, [73] and encouraged lenders to relax underwriting standards to produce those loans. [72]

Economic crisis in india essays

economic crisis in india essays

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