Number: RL34623
Title: Housing and Economic Recovery Act of 2008
Authors: N. Eric Weiss, Coordinator, Specialist in Financial Economics 
Abstract: The Housing and Economic Recovery Act of 2008, P.L. 110-289, changes many laws that affect both the housing and mortgage markets. Included in the act are provisions to strengthen and to unify oversight of the housing government-sponsored enterprises (GSEs-Fannie Mae, Freddie Mac and the Federal Home Loan Banks). The Treasury is authorized to lend or invest an unlimited amount of money in any of the regulated entities in the event of financial or mortgage market emergencies.2 Other provisions address mortgage licensing, revise Federal Housing Administration (FHA) operations, protect (for a limited time) service members against home foreclosures, promote redevelopment of abandoned and foreclosed homes, and assist disabled veterans with special housing needs. The act also contains housing related tax provisions. This report surveys the most important of these changes.
Pages: 24
Date: December 5, 2008