Housing and Economic Recovery Act of 2008 information
US act of congress to address the subprime mortgage crisis
Housing and Economic Recovery Act of 2008
Citations
Public law
Pub. L.Tooltip Public Law (United States) 110–289 (text) (PDF)
Statutes at Large
122 Stat. 2654
Legislative history
Introduced in the House by Nancy Pelosi (D–CA) on July 30, 2007
Signed into law by President George W. Bush on July 30, 2008 (2008-07-30)
United States Supreme Court cases
Collins v. Yellen, No. 19-422, 594 U.S. ___ (2021)
Wikisource has original text related to this article:
Housing and Economic Recovery Act of 2008
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis. It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value. It was intended to restore confidence in Fannie Mae and Freddie Mac by strengthening regulations and injecting capital into the two large U.S. suppliers of mortgage funding. States are authorized to refinance subprime loans using mortgage revenue bonds. Enactment of the Act led to the government conservatorship of Fannie Mae and Freddie Mac.
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