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The Subprime VirusReckless Credit, Regulatory Failure, and Next Steps$
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Kathleen C. Engel and Patricia A. McCoy

Print publication date: 2011

Print ISBN-13: 9780195388824

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195388824.001.0001

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(p.123) 6 Aftermath
The Subprime Virus

Kathleen C. Engel

Patricia A. McCoy

Oxford University Press

This chapter describes efforts in 2009, under the new Obama administration, to deal with the effects of the subprime crisis. These include the passage of the American Recovery and Reinvestment Act, a $787 billion economic stimulus package; passage of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 in May to rein in the worst practices of credit card companies and clean up disclosures; stepped-up loan modifications; stabilization of the banking system; and long-term financial reforms. The chapter also details the emergence of “foreclosure rescue” companies who sought to exploit people behind on their mortgage payments; and the resurgence of Federal Housing Administration (FHA)-insured loans.

Keywords:   subprime crisis, Obama administration, American Recovery and Reinvestment Act, banking regulation, financial reforms, foreclosure rescue companies, Federal Housing Administration

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