Housing and Economic Recovery Act of 2008


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Housing and Economic Recovery Act of 2008

Legislation in the United States that guarantees sub-prime mortgages up to $300 billion, provided the lenders write down the value of the mortgage up to 90% of the actual value of the real estate. The Federal Housing Administration was charged with implementing the guarantees. The act was passed in July 2008 and enabled the government to put Freddie Mac and Fannie Mae into federal receivership in September.
References in periodicals archive ?
Housing and Economic Recovery Act of 2008, [section] 2112(a)(1)(A)(i) (2008) (to be codified as amended at 12 U.
Housing and Economic Recovery Act of 2008, [section] 2122 (to be codified as amended at 12 U.
section] 1715z-20(d)(2)(B) & (f) (2006), amended by Housing and Economic Recovery Act of 2008, [section] 2112.
The Housing and Economic Recovery Act of 2008, and the Economic Stimulus Package passed earlier this year give us many new options help homeowners refinance with secure, low-interest, fixed-rate FHA loans insured by the federal government," says Residential Finance Corporation Branch Manager, Chad Beldon.
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