The Share of New Loans with a Down Payment of 5

question 105

Multiple Choice

The share of new loans with a down payment of 5 percent or less extended by Freddie Mac and Fannie Mae

• A) declined substantially after 1999.
• B) rose from 4 percent in 1998 to 12 percent in 2003 and 23 percent in 2007.
• C) rose from 4 percent in 1998 to 23 percent in 2002, but declined to less than 10 percent in 2007.
• D) never exceeded 10 percent of the new loans financed.

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Definitions:

Property Rights

The rights of companies and individuals to own resources, make decisions about how to use it, and reap the returns or losses of business activities

Riparian Rights

Legal entitlements related to the ownership of land adjacent to rivers, lakes, or streams, often concerning the use and access to the water.

Arbitration

The process of reaching a binding decision through an arbitrator (a third party) outside the courts.

Law of the Sea

A body of international law governing the rights and duties of countries in their use of the world's oceans and their resources.