In order to address the ongoing housing crisis in the United States, Congress recently passed the Housing and Economic Recovery Act of 2008 (the ‘‘2008 Act’’). The 2008 Act, which was signed by President Bush on July 30, 2008, contains numerous provisions addressing the current state of the housing market and housing finance, including provisions regarding Fannie Mae, Freddie Mac and the Federal Home Loan Banks, foreclosure prevention provisions and certain tax-related provisions. This article describes certain provisions of the 2008 Act that bear on the structured finance and securitization industry.
© 2008 Thomson Reuters/West. Originally appeared in the Winter 2009 issue of Real Estate Finance Journal. Reprinted with permission.