2008 Financial Crisis

Question 1

Home Affordable Refinance Program (HARP)

Answer 1

Set up by the Federal Housing Finance Agency (March 2009) to help underwater and near-underwater homeowners refinance their mortgages

Targets homeowners who are current on their monthly payments but unable to refinance because of dropping home prices in the wake of the U.S. Housing crisis (2006-2011)

Question 2

Homeowners Affordability and Stability Plan (HASP)

Answer 2

Designed to help up to 9 million homeowners avoid foreclosure

Question 3

Term Asset-backed Securities Loan Facility (TALF)

Answer 3

A funding facility under which the Federal a Reserve Bank of NY will lend money to holders of certain AAA rated asset based securities

Question 4

Troubled Assets Relief Program (TARP)

Answer 4

United States Treasury program set up and funded by the Emergency a Economic stabilization Act of 2008

Originally HR 1424 - “bailout bill”

Question 5

Home Affordable a Modification Program (HAMP)

Answer 5

Program of the U.S. Departments of the Treasury and Housing and Urban Development

Intended to reduce mortgage payments to as little as 31% of verified monthly gross pretax income for homeowners who are not unemployed