Housing and Economic Recovery Act of 2008

E10942

United States federal statute housing legislation

The Housing and Economic Recovery Act of 2008 is a major U.S. federal law enacted in response to the subprime mortgage crisis to stabilize the housing market, reform mortgage finance regulation, and support distressed homeowners and communities.

Aliases (1)

Housing and Economic Recovery Act ×1

Statements (48)

Predicate	Object
instanceOf	United States federal statute → housing legislation →
abbreviation	FHFA →
administeredBy	Federal Housing Administration →
amends	Federal Housing Enterprises Financial Safety and Soundness Act of 1992 → National Housing Act → United States Housing Act of 1937 →
authorizes	Treasury Department support for Fannie Mae and Freddie Mac →
authorizesFunding	Neighborhood Stabilization Program grants →
containsTitle	Neighborhood Stabilization Program →
country	United States →
creates	Federal Housing Finance Agency →
dateSigned	2008-07-30 →
enactedBy	110th United States Congress →
establishesProgram	HOPE for Homeowners program →
fundingPurpose	assist state and local governments in purchasing and redeveloping foreclosed properties →
includesProvision	FHA modernization measures → affordable housing trust fund for low-income housing → authority for Treasury to purchase GSE obligations → new regulatory powers for FHFA → strengthened oversight of Fannie Mae and Freddie Mac →
legislativeChamber	United States House of Representatives → United States Senate →
policyArea	financial regulation → housing policy →
politicalContext	George W. Bush administration →
primaryPurpose	address the subprime mortgage crisis → reform regulation of housing government-sponsored enterprises → stabilize the U.S. housing market → support distressed communities → support distressed homeowners →
programPurpose	refinance distressed subprime mortgages into FHA-insured loans →
publicLawNumber	Public Law 110-289 →
regulates	Fannie Mae → Federal Home Loan Banks → Freddie Mac →
replacesAgency	Federal Housing Finance Board → Office of Federal Housing Enterprise Oversight →
respondsTo	late-2000s financial crisis → subprime mortgage crisis →
shortName	HERA →
signedBy	George W. Bush →
subjectMatter	community development → foreclosure prevention → housing market stabilization → mortgage finance regulation →
title	Housing and Economic Recovery Act of 2008 →
yearEnacted	2008 →

Referenced by (10)

Subject (surface form when different)	Predicate
Federal Housing Finance Agency → HOPE for Homeowners program →	legalBasis
HERA ("Housing and Economic Recovery Act") → Housing and Economic Recovery Act of 2008 →	title
Federal Housing Finance Agency →	formedBy
HERA →	fullName
Public Law 110-289 →	hasShortTitle
Public Law 110-289 →	hasTitle
Capital Magnet Fund →	legalAuthority
Low-Income Housing Tax Credit →	relatedLegislation