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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.


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The First-Time Homebuyer Tax Credit Loan will allow Massachusetts homebuyers to use the $8,000 tax credit from the federal Housing and Economic Recovery Act of 2008 as a funding source at the time of closing to help purchase the home, according to a news release.
The federal Housing and Economic Recovery Act of 2008 was enacted on July 30, 2008.
EXECUTIVE SUMMARY * Under the Housing and Economic Recovery Act of 2008, the first-time homebuyer credit became available for homes purchased between April 9 and Dec.
 
 
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