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Ch 6 financial agencies and lending programs
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Ch 6 financial agencies and lending programs

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  • 1. Financial Agencies and Lending ProgramsChapter 61
  • 2. Agricultural Lending• Need for flexibility• Open-end mortgages• Moratorium on payments2
  • 3. The Farm Credit System (FCS)• Farm Credit Administration (FCA)• Federal Agriculture Mortgage Corporation (Farmer Mac)• The U.S. Department of Agricultural Rural Development Program (USDA Rural Development)3
  • 4. U.S. Department of Housing and Urban Development (HUD)• Supervises the Federal Housing Administration (FHA)• Directs Ginnie Mae• Directs development block grants• Enforces fair housing and RESPA regulations• Manages the Housing Choice Voucher Program• Regulates interstate land sales registration, urban renewal, and rehabilitation programs• Stabilization Project4
  • 5. HUD Strategic Plan• Increase home ownership opportunities• Promote decent affordable housing• Strengthen communities5
  • 6. HUD: Other Program• Urban renewal• Subsidized housing• Community Development Block Grants (CDBG)• Public Housing6
  • 7. The Real Estate Settlement Procedures Act (RESPA)• Protects participants in a real estate transaction by providing closing cost information so they better understand the settlement procedures• Disclosures – At time of loan application – Before settlement closing – At settlement – After settlement7
  • 8. The Federal Equal Credit Opportunity Act (ECOA)• Prohibits lenders from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or dependency on public assistance.8
  • 9. Interstate Land Sales• Established criteria for the dissemination of vital information to potential buyers of residential land.9
  • 10. Federal Legislation• Fair Housing Act• Uhruh Civil Rights Act (Civil Code Section 51)• Community Reinvestment Act• The Home Mortgage Disclosure Act• Truth-in-Lending (Regulation Z) – Advertising – Right of rescission• Usury Laws – Federal – California10
  • 11. State Financing Agencies• Industrial Development Agency• Community Redevelopment Agency (CRA) – Tax-increment financing – Mortgage revenue bonds – Special assessments11
  • 12. California Housing Finance Agency (CALHFA)• Affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds for eligible first-time homebuyers – Not a direct lender – Works through approved lenders12
  • 13. City Of Los Angeles Home Mortgage Program• Provides mortgage loans to low-income and moderate-income first-time homebuyers who wish to purchase from selected new homes and condominiums.13
  • 14. The Housing Financial Discrimination Act of 1977 (Holden Act)• Offsets illegal practice of redlining• Prohibits discrimination• Encourages increased lending in areas where financing has been unavailable14