Chapter 5
The Federal Farm Loan Act of 1916 A United States federal law, signed by then President Woodrow Wilson, which established ... to serve members of _ _ Associations. Farmers could borrow up to _% of the value of their land and _% of the value of their improvements. The biggest benefit of the act was to allow _ _ to be more competitive with the _ businesses.
12 regional Farm Loan Banks farm loan 50%, 20% small farms, larger
Under Regulation Z, In most cases the borrower has a right to cancel the transaction by notifying the lender within _ days. This does not apply to ... but does apply to ...
3 residential first mortgage loans, but does apply to refinancing and home equity loans.
What two associations do farm credit banks give loans to? and what kind of time term do those associations make their loans for?
ACA: Agricultural Credit Association: short, med, long term loans FLCA: Federal Land Credit Associations: long term loans
The Department of Housing and Urban Development was created to: Administer the... Encourage the solution... Encourage the maximum contributions that may...
Administer the principal programs that provide assistance for housing and for the development of communities. Encourage the solution of housing and community development problems through states and localities. Encourage the maximum contributions that may be made by both primary and secondary homebuilding and mortgage lending industries to housing, community development and the national economy.
Fair Housing law first began with the _ _ _ _ _, which prohibited discrimination in housing based on race.
Civil Rights Act of 1866
Rumford Act The Fair Employment and Housing Act (also known as the Rumford Fair Housing Act) prohibits:
Discrimination in the sale, rental, lease, negotiation or financing of housing based on race, color, religion, sex, marital status, familial status, disability, national origin, ancestry, sexual orientation or source of income Eviction of a person in retaliation for seeking to uphold the rights under this act Refusal to reasonably accommodate a handicapped or disabled person Exemptions to this act include owner-occupied housing with no more than one boarder and some non-commercial, religious, fraternal and charitable housing. Remedies for violations could include: Injunctions Actual or punitive damages Civil penalties
Agricultural Credit Bank (ACB), which has the authority of an _ and provides loan funds to _. In addition, the ACB makes loans of all kinds to agricultural, aquatic, and _ _ cooperatives and is authorized to _ U.S. agricultural exports and provide international _ services for farmer-owned cooperatives.
FCB, ACAs public utility finance banking
The Farm Credit System Financial Assistance Corporation was created by the Agricultural Credit Act of 1987 and chartered in 1988. It provided needed capital to the _ through the purchase of _ _ issued by FCS institutions that received _ a_ authorized by the FCS Assistance Board.
FCS preferred stock financial assistance
HUD - Public Housing The Public Housing Development program provides _ grants to _ _ housing authorities (PHAs) to develop housing for _-income families that cannot afford housing in the private market.
Federal local public low
Home Mortgage Disclosure Act
Financial institutions are required to fairly and impartially make credit available to all credit-worthy applicants. The Home Mortgage Disclosure Act of 1975 requires that lenders report statistical information each year to ensure that lenders are not restricting loans to certain individuals or neighborhoods to exclude them from obtaining a mortgage (called "redlining").
HUD related - Since 1993, __ has been the engine driving the revitalization of the nation's most distressed public housing developments by providing grants and unprecedented flexibility to address the housing and social service needs of their residents.
HOPE VI
Holden Act, aka? prohibits _ institutions from discriminating in loan activities on the basis of race, color, religion, marital status, national origin, ancestry or sex. _ institutions are also prohibited from discriminating based on a neighborhood's make-up (redlining).
Housing Financial Discrimination Act financial, financial
Good Neighbor Next Door Sales Program
Law enforcement officers, pre-Kindergarten through 12th grade teachers, and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return the buyer must commit to live in the property for 36 months as his or her sole residence.
tax-increment financing (TIF)
TIF is a tool to use future gains in taxes to finance the current improvements that will create those gains
The _ _ _ _ (ECOA) prohibits _ from discriminating against applicants on the basis of
The Equal Credit Opportunity Act lenders
Federal Farm Loan agricultural rural, farm real estate, operating costs, rural life, crop deposits bonds, notes
The Farm Credit System (FCS) Iinaugurated under the _ _ _ Act. It is designed to serve the unique financial needs of farmers, ranchers, producers, and harvesters of _ products. It also assists _ homeowners and owners of some types of _-related businesses. The banks in the FCS provide loans for r_ _, o_ _ and _ homes. They also offer credit-related _ insurance and _ insurance. These banks do not take _. Lending funds are raised through the sale of _ and _ in national capital markets.
What is the purpose of the Farm Credit System and what agency regulates their activities?
The Farm Credit System serves the unique financial needs of farmers, ranchers, producers/harvesters of agricultural products and rural homeowners by providing loans for real estate, operating costs and rural homes. They also offer credit-related life insurance and crop insurance. FCS is regulated by the Farm Credit Administration.
Indian Home Loan Guarantee Program (Section 184)
The program is designed to offer home ownership, property rehabilitation, and new construction opportunities for eligible tribes, Indian Housing Authorities and Native American individuals and families wanting to own a home on trust land or land located in an approved Indian or Alaska Native area.
The _ _ Rights Act provides protection from discrimination by all _ establishments in California, including housing and public accommodations. Persons who believe they have experienced discrimination may file a complaint, which must be filed within _ year of the alleged discrimination.
Unruh Civil, business one
The Farm Credit System Insurance Corporation (FCSIC) was established by the Agricultural Credit Act of 1987 as an independent _ _-controlled corporation. The Corporation's primary purpose is to ensure ... issued on behalf of Farm Credit System banks.
Us Govt the timely payment of principal and interest on insured notes, bonds, and other obligations
Title _ of the Civil Rights Act of _ prohibited discrimination in housing based on race, color, religion or national origin.
VIII, 1968
Entitlement Communities - This CDBG entitlement program...
allocates annual grants to larger cities and urban counties to develop viable communities by providing decent housing, a suitable living environment, and opportunities to expand economic opportunities, principally for low- and moderate-income persons.
Federal Agricultural Mortgage Corporation aka? what does it do? what does it guarantee? what does it also guarantee? What does it purchase or commit to purchase?
also known as Farmer Mac, provides a secondary market for agricultural real estate and rural housing mortgages. It guarantees prompt payment of principal and interest on securities representing interests in, or obligations backed by, mortgage loans secured by first liens on agricultural real estate or rural housing. It also guarantees securities backed by the "guaranteed portions" of farm ownership and operating loans, rural business and community development loans, and certain other loans guaranteed by the US Department of Agriculture. Farmer Mac also purchases or commits to purchase qualified loans or securities backed by qualified loans directly from lenders.
In 1987, a Supreme Court decision expanded the definition of race to include _.
ancestry
RESPA requires that the lender give a written estimate of costs to the borrower ...(when?) and that the lender make the closing statement available at least _ days prior to closing.
at the time of loan application or within three business days 3
The CDBG program works to ensure d_ a_ h_, to provide services to the most _ in our communities, and to create _ through the expansion and retention of _. also what does cdbg stand for? how do they give money
decent affordable housing vulnerable jobs, businesses Community Development Block Grant program The CDBG program provides annual grants on a formula basis to general units of local government and States.
In 1968, the Supreme Court in Jones v. Mayer ruled that ...
discrimination on the basis of race is strictly prohibited. This means there can be NO EXEMPTIONS OR EXCEPTIONS with regard to race.
Any advertising is subject to Regulation Z disclosure if it contains any of the following items: Amount or percentage of down payment Installment payment or amount Specific finance charge Number of installments Period of repayment Indication that there is no charge for credit If an ad includes any of the above items, all of the following items must be disclosed: The amount or percentage of _ _ Terms of _ _ _ _ and if _ is possible Total _ charge Total _ of p_ and _ _
down payment repayment APR, increase finance number, payments, due dates
US Department of Agriculture Rural Development Program (USDA Rural Development) helps rural individuals, communities and businesses obtain _ and _ assistance to address their diverse and unique needs. The agency promotes economic development by supporting _ to businesses through _ and community-managed _ _. In addition, the agency offers _ assistance and _ to help agricultural and other cooperatives get started and improve the effectiveness of their member services.
financial, technical loans, banks lending pools technical, information
And in 1988, the Fair Housing Amendments Act added _ and _ status.
handicap, familial
HUD's activities include, but are not limited to, the following: Regulating _ land sales Supervising the F_ H_ A_ Regulating G_ M_ _ (but not _) the operations of Freddie Mac and Fannie Mae Administering the C_ D_ B_ G_ program Administering the _-Income R_ Assistance program Overseeing the I_ Housing Block Grant program
interstate Federal House Administration Ginnie Mae overseeing, regulating Community Development Block Grant Lower, Rental Indian
The Farm Credit Administration (FCA)
is an independent federal agency responsible for regulating and examining the banks, associations, and related entities of the Farm Credit System (FCS).
RESPA prohibits lenders from paying _ and _ _ to parties who may have referred the borrower to the lender. This includes real estate agents who may have referred the _ to the lender.
kickbacks, unearned fees buyer
Any person who believes he or she has been discriminated against may file a complaint with HUD within _ _ of the alleged act.
one year
Interstate Land Sales Full Disclosure Act requires submission of a statement of record describing a _ subdivision in detail, accompanied by m_, c_ documents and c_ designed to fully disclose relevant information about the subdivision. Each prospective purchaser must be furnished with a property report prior to purchasing the property. If the buyers receive a property report within _ hours of signing, they have the right to cancel the contract within _ days and .... However, if the buyers do not receive the report within the designated time frame, they can cancel the contract ...
proposed maps, contract, certifications 48 hours 3 have their deposit, if any, returned at any time.
Community Redevelopment Agency (CRA) refers to a _ entity created by a _ or county to implement the community redevelopment activities outlined under the Community Redevelopment Act which was enacted in 1969. The CRA is established by the _ government and functions within that _ government.
public, city local, local
The Community Reinvestment Act was passed by Congress in 1977 to prevent _ and to encourage banks and thrifts to... The law provides a framework for financial institutions and community organizations to ...
redlining to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods. work together to promote the availability of credit and other banking services to communities that have not received as much service as others
RESPA applies to _ real estate purchases that will be financed by _ mortgage loans.
residential first
The Federal Farm Credit Banks Funding Corporation is an entity owned by the FCS banks that markets the _ the banks sell to raise _ funds. These securities, chiefly bonds and discount notes, are offered by the Funding Corporation through a nationwide group of _ dealers and _ banks.
securites loan securities, dealer
The Real Estate Settlement Procedures Act (RESPA) attempts to standardize _ _ and to ensure that both buyers and sellers understand ...
settlement practices the costs involved in closing the transaction
In 1974, the Housing and Community Development Act added _ to the list.
sex
Interstate Land Sales Full Disclosure Act authorizes a nationwide program of registration of subdivisions marketed in interstate commerce. The program is intended to protect consumers by making relevant information available to them when they are considering purchasing land. The Act generally applies, by law and administrative regulation, to _ of _ land sold or offered for sale or lease through interstate commerce. Statutory and regulatory penalties are imposed on developers who fail to file and keep a registration statement current with the Office of Interstate Land Sales Registration, or who fail to furnish each purchaser with a copy of an effective _ _ before the purchaser signs a purchase or lease contract.
subdivisions, undeveloped property report
The Farm Credit Council is the national _ association that represents the legislative and regulatory interests of the Farm Credit System. The Council also provides services to its members in the areas of t_, i_, _ management and a variety of discount programs.
trade training, insurance, risk
HUD programs include u_ r_, p_ h_, r_ l_, _-subsidy programs and water and sewer grants.
urban renewal, public housing, rehabilitation loans, FHA
