Housing and Economic Recovery Act (HERA)

The Housing and Economic Recovery Act (HERA) of 2008 was enacted to address the housing crisis caused by the financial downturn. It aimed to stabilize the housing market by providing assistance to homeowners facing foreclosure, reforming mortgage rules, and creating federal agencies to oversee mortgage lenders. HERA also included measures to improve coordination among housing agencies, improve regulation of Fannie Mae and Freddie Mac, and promote affordable lending. Overall, it sought to prevent further foreclosures, restore confidence in the housing market, and support economic recovery during a period of significant financial instability.