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- Title
HOUSING AND ECONOMIC RECOVERY ACT OF 2008.
- Authors
Arthur, Bruce
- Abstract
This article discusses the provisions of the U.S. Housing and Economic Recovery Act (HERA) of 2008. An increasing volume of foreclosures, decreasing housing prices and the development of a global financial crisis precipitated by failures in the market for mortgage-backed securities are described as the reasons for passing this act. HERA, which was signed by U.S. President George W. Bush, contained provisions to assist government-sponsored enterprises (GSE) such as Fannie Mae and Freddie Mac, provide economic stimulus, and stabilize the housing market. The author advocates further legislation that assists the refinancing of distressed mortgage loans while causing lenders to recognize losses in the value of the homes upon which those loans were made.
- Subjects
UNITED States; HOUSING market; UNITED States economic policy; HOUSING finance laws; MORTGAGE-backed securities -- Law &; legislation; GOVERNMENT-sponsored enterprises laws; GLOBAL Financial Crisis, 2008-2009; UNITED States politics &; government, 2001-2009
- Publication
Harvard Journal on Legislation, 2009, Vol 46, Issue 2, p585
- ISSN
0017-808X
- Publication type
Article