chap 14: Additional Important Laws Flashcards
1
Q
The Gramm-Leach-Bliliey Act
A
GLBA of 1999 was a bi-partisan regulation. The key goal was to modernize and update financial industry.
Under the GLBA, each service person or manager was only permitted to manage or sell only one type of product.
All lenders and banks must reveal to the customer their information-sharing practices.
2
Q
National Housing Act of 1934
A
NHA was passed in 1934 to support constructions of new homes and improve housing market. NHA led to the creation of FHA which instituted a mortgage Insurance program backed by govt.
3
Q
American Recovery and Reinvestment Act of 2009
A
To kickstart economy, the government funded $800 billion stimulus package of which nearly $14 billion was devoted to the housing market.
