HUD Housing Counselor Module-
Avoiding Foreclosure Exam Questions
With Correct Answers
Which |of |the |following |did |NOT |contribute |to |the |increase |in |foreclosure |rates |during |the |
mortgage |crisis? |
- |Risky |loan |products |with |features |like |negative |amortization
- |Homeowners |paying |off |mortgages |early
- |Aggressive |marketing |of |Home |Equity |Line |of |Credits |(HELOC)
- |Using |teaser |rates |to |qualify |more |borrowers |- |CORRECT |ANSWER✔✔-Homeowners |paying |
off |mortgages |early
This |program |made |it |easier |for |borrowers |to |understand |loan |terms, |to |require |home |
ownership |counseling |for |some |mortgages, |and |to |expand |protections
- |Making |Home |Affordable
- |National |Mortgage |Settlement
- |Issuance |of |New |Mortgage |Rules
- |Hardest-Hit |Fund |- |CORRECT |ANSWER✔✔-Issuance |of |New |Mortgage |Rules
This |program |enabled |18 |states |and |the |District |of |Columbia |to |develop |locally |tailored |
programs |to |assist |struggling |homeowners |in |their |communities
, - |Making |Home |Affordable
- |National |Mortgage |Settlement
- |Issuance |of |New |Mortgage |Rules
- |Hardest-Hit |Fund |- |CORRECT |ANSWER✔✔-Hardest-Hit |Fund
This |program |helped |homeowners |avoid |foreclosure, |stabilize |the |housing |market, |and |
improve |the |economy
- |Making |Home |Affordable
- |National |Mortgage |Settlement
- |Issuance |of |New |Mortgage |Rules
- |Hardest-Hit |Fund |- |CORRECT |ANSWER✔✔-Making |Home |Affordable
This |program |penalized |five |financial |institutions |for |deceptive |lending |and |foreclosure |
practices
- |Making |Home |Affordable
- |National |Mortgage |Settlement
- |Issuance |of |New |Mortgage |Rules
- |Hardest-Hit |Fund |- |CORRECT |ANSWER✔✔-National |Mortgage |Settlement
What |was |the |primary |purpose |of |the |Making |Home |Affordable |program?
- |To |assist |homeowners |in |avoiding |foreclosure
- |To |refinance |loans |for |homeowners |with |Fannie |Mae |
| or |Freddie |Mac |loans
- |To |force |major |financial |institutions |to |lower |monthly |
Avoiding Foreclosure Exam Questions
With Correct Answers
Which |of |the |following |did |NOT |contribute |to |the |increase |in |foreclosure |rates |during |the |
mortgage |crisis? |
- |Risky |loan |products |with |features |like |negative |amortization
- |Homeowners |paying |off |mortgages |early
- |Aggressive |marketing |of |Home |Equity |Line |of |Credits |(HELOC)
- |Using |teaser |rates |to |qualify |more |borrowers |- |CORRECT |ANSWER✔✔-Homeowners |paying |
off |mortgages |early
This |program |made |it |easier |for |borrowers |to |understand |loan |terms, |to |require |home |
ownership |counseling |for |some |mortgages, |and |to |expand |protections
- |Making |Home |Affordable
- |National |Mortgage |Settlement
- |Issuance |of |New |Mortgage |Rules
- |Hardest-Hit |Fund |- |CORRECT |ANSWER✔✔-Issuance |of |New |Mortgage |Rules
This |program |enabled |18 |states |and |the |District |of |Columbia |to |develop |locally |tailored |
programs |to |assist |struggling |homeowners |in |their |communities
, - |Making |Home |Affordable
- |National |Mortgage |Settlement
- |Issuance |of |New |Mortgage |Rules
- |Hardest-Hit |Fund |- |CORRECT |ANSWER✔✔-Hardest-Hit |Fund
This |program |helped |homeowners |avoid |foreclosure, |stabilize |the |housing |market, |and |
improve |the |economy
- |Making |Home |Affordable
- |National |Mortgage |Settlement
- |Issuance |of |New |Mortgage |Rules
- |Hardest-Hit |Fund |- |CORRECT |ANSWER✔✔-Making |Home |Affordable
This |program |penalized |five |financial |institutions |for |deceptive |lending |and |foreclosure |
practices
- |Making |Home |Affordable
- |National |Mortgage |Settlement
- |Issuance |of |New |Mortgage |Rules
- |Hardest-Hit |Fund |- |CORRECT |ANSWER✔✔-National |Mortgage |Settlement
What |was |the |primary |purpose |of |the |Making |Home |Affordable |program?
- |To |assist |homeowners |in |avoiding |foreclosure
- |To |refinance |loans |for |homeowners |with |Fannie |Mae |
| or |Freddie |Mac |loans
- |To |force |major |financial |institutions |to |lower |monthly |
