Housing and Economic Recovery Act of 2008

This was an historic week for housing, real estate and home owners. This week saw the approval of the most sweeping housing legislation since the Great Depression, representing a turning point in our country's commitment to economic growth and affordable housing.

On Wednesday, July 30, 2008, the President signed into law The Housing and Economic Recovery Act of 2008. The new Act authorizes the Department of the Treasury to purchase obligations of housing Government Sponsored Enterprises (GSEs); reforms the regulatory supervision of the housing GSEs; provides reform of the Federal Housing Administration; provides homeownership assistance and reforms to mitigate recent increases in foreclosures; and contains housing-related tax incentives and other tax provisions.

For details on the key provisions visit Real Estate Wiki.