HERA
Housing and Economic Recovery Act of 2008
§ LEGISLATIONhousing· 2008
What It Did
Created the Federal Housing Finance Agency (FHFA) to regulate Fannie Mae and Freddie Mac, authorized Treasury to purchase their stock, established the HOPE for Homeowners program to refinance troubled mortgages, and provided $3.9 billion for community grants to purchase foreclosed properties. Enacted as the housing crisis accelerated.
The Vote
House · 272–152 (passage)
D
227 YEA · 3 NAY
R
45 YEA · 149 NAY
Senate · 72–13 (passage)
D
47 YEA · 1 NAY
R
25 YEA · 12 NAY
Key Sponsors
→ Barney Frank (D-MA) · House
→ Christopher Dodd (D-CT) · Senate
Sources: Congress.gov · VoteView · FRED
In the Years Following
Economic indicators related to this law, showing 5 years before through 10 years after.
House Price Index
Loading...
30-Year Mortgage Rate
Loading...
Homeownership Rate
Loading...
Household Debt Service Ratio
Loading...
Many factors influence economic outcomes. This chart shows trends in the years surrounding this legislation — not necessarily caused by it.