Housing and Economic Recovery Act

The Housing and Economic Recovery Act (HERA), enacted in 2008, was designed to address the housing market collapse and economic downturn. It included measures to stabilize mortgage markets, assist homeowners facing foreclosure, and promote affordable housing. The law also created the Federal Housing Finance Agency (FHFA) to oversee government-sponsored enterprises like Fannie Mae and Freddie Mac, aiming to strengthen their stability. Additionally, HERA provided funds for economic recovery programs and reforms to prevent future housing crises, supporting efforts to restore confidence and stability to the housing and financial systems.