Housing and Economic Recovery Act of 2008


Also found in: Acronyms.

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 ?
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.
As Director of FHFA, I am using the authorities established in the Housing and Economic Recovery Act of 2008 (HERA) to ensure that the housing GSEs provide stability and liquidity to the mortgage market, support affordable housing and operate safely and soundly," said Lockhart.
Today, this valuable program was eliminated as a result of the Housing and Economic Recovery Act of 2008.
Full browser ?