Transcription of Homeowners Protection Act - Federal Reserve System
{{id}} {{{paragraph}}}
Example: quiz answers
Homeowners Protection Act - Federal Reserve System
Homeowners Protection ActBackgroundThe Homeowners Protection Act of 1998 becameeffective in July 1999. The act, also known as thePMI Cancellation Act, addresses the difficultieshomeowners have experienced in canceling pri-vate mortgage insurance (PMI) coverage. It estab-lishes provisions for the cancellation and termina-tion of PMI,1sets forth disclosure and notificationrequirements, and requires the return of , lenders have viewed an 80 percentloan-to-value (LTV) ratio (and a corresponding20 percent down payment) as a prudent standardfor making consumer real estate loans. This ratiohas served to ensure that the borrower had enoughof an interest in the property to continue to makethe payments and, in the event the borrower wasunable to make the payments, that the lender hadsufficient equity available to cover lender foreclo-sure housing prices increased (and the corre-sponding down payment amounts increased),saving for a sufficient down payment becamedifficult for many prospective Homeowners .
6. The limit for 2005 was $359,650. 7. As of the date of this publication Fannie Mae and Freddie Mac have not established such a category. Homeowners Protection Act
Tags:
Information
Domain:
Source:
Link to this page:
Please notify us if you found a problem with this document: