News & Events

News & Events

8.1.2008

Bush Enacts Watershed Housing Bill Providing New Funding and Regulation for Mortgage Industry

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On July 30, 2008, President Bush quietly signed one of the largest housing bills in decades to shore up struggling financial markets and a housing industry slump that is second only to that of the Great Depression. The Housing Assistance Act of 2008, signed after months of contentious negotiations, creates a $300 billion program to refinance troubled mortgages and creates new regulatory oversight of Fannie Mae (“Fannie”) and Freddie Mac (“Freddie”), which finance almost half of the country’s $12 trillion in home mortgage debt. View full article (PDF).