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.[6] "Secure and Fair Enforcement for Mortgage Licensing Act" (12 United States Code, Section 5100, et seq.The objectives of the SAFE Act include aggregating and improving the flow of information to and between regulators; providing increased accountability and tracking of MLOs; enhancing consumer protections; supporting anti-fraud measures; and providing consumers with easily accessible information at no charge regarding the employment history of and publicly adjudicated disciplinary and enforcement actions against MLOs.
Statutes at LargeNancy PelosiGeorge W. BushUnited States Supreme CourtCollins v. YellenWikisourcesubprime mortgage crisisFederal Housing Administrationfixed rate mortgagessubprimeFannie MaeFreddie MacUnited States CongressAmerican Recovery and Reinvestment Act of 2009President ObamaFederal Housing Finance AgencyFederal Housing Finance BoardOffice of Federal Housing Enterprise OversightJames B. Lockhart IIIFHA loanGSE conforming loan limitU.S. Dept. of Housing and Urban DevelopmentMortgage Loan OriginatorNationwide Multi-State Licensing System and RegistryHomeowners Refinancing ActUS Statutes at LargeU.S. subprime mortgage crisisBackground informationImpact timelineUnited States housing bubblehousing market correctionRole of credit rating agenciesGovernment policies2007–2008 financial crisisGreat RecessionWritedownsIndirect economic effectsEconomic Stimulus Act of 2008Emergency Economic Stabilization Act of 2008Dodd–Frank Wall Street Reform and Consumer Protection ActAcquired or bankrupt banks in the late 2000s financial crisisCapital Assistance ProgramCapital Purchase ProgramFederal Reserve responsesFederal takeover of Fannie Mae and Freddie MacGovernment interventionHomeowners Affordability and Stability PlanHope Now AllianceLoan modificationPublic–Private Investment Program for Legacy AssetsRegulatory responsesPrimary Dealer Credit Facility2009 Supervisory Capital Assessment ProgramTea Party protestsTerm Asset-Backed Securities Loan FacilityTroubled Asset Relief ProgramWall Street reformError accountsFinancial position of the United StatesForeclosure rescue schemeProperty derivativesHousing in the United StatesAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaNevadaNew YorkOklahomaVirginiaWisconsinPuerto RicoWashington, D.C.ArchitectureEvictionHome ownershipHomelessnessSan Francisco Bay AreaHousing discriminationHousing crisisHousing insecuritySan FranciscoSilicon ValleyOregonMortgage industryHomestead ActsSlum clearanceSubsidized housingSegregationSquattingZoningMissing middle housingParking mandatesSingle-family zoning