2009 Housing and Economic Recovery Act

The Housing and Economic Recovery Act of 2009 was a U.S. law aimed at addressing the housing crisis and economic downturn that began in 2007. It provided financial assistance to struggling homeowners through loan modifications and foreclosure prevention programs. The act also established the Federal Housing Administration's (FHA) role in stabilizing the housing market and included provisions for the government to buy distressed mortgages. Overall, the law sought to boost the economy by improving access to affordable housing, supporting homeownership, and restoring confidence in the real estate market.