Housing and Economic Recovery Act of 2008
The Housing and Economic Recovery Act is a law that was enacted with the aim of helping an estimated 400,000 borrowers in danger of losing their homes, enabling these individuals to refinance into more affordable government-insured mortgages. The law, signed into effect on July 30, 2008.
The hope was that the legislation would strengthen and modernize the regulation of the housing government-sponsored enterprises – Fannie Mae and Freddie Mac (the enterprises) and the Federal Home Loan Banks (FHLBs or Banks) – and expands the housing mission of these government-sponsored enterprises (GSEs).
The program began on Oct. 1, 2008 and will end on Sept. 30, 2011.
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008.
The bill includes the following provisions:
- Summary of the “Housing and Economic Recovery Act of 2008". Senate Banking Committee.
- Housing and Economic Recovery Act of 2008 FAQ. HUD.