Housing and Economic Recovery Act of 2008
Saving Fannie and Freddie
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Enacted Jul. 30, 2008
$400 billion total available
$187 billion committed
The Housing and Economic Recovery Act of 2008, passed in July 2008, was a broad bill that launched a foreclosure relief program, overhauled regulation of Fannie Mae and Freddie Mac, and provided for shoring up both Fannie and Freddie with taxpayer funds if they were in danger of running out of money.
Go here to see a breakdown of the bailout of Fannie and Freddie.
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The following programs fall under this initiative:
Preferred Stock Investments
(Fannie and Freddie Bailout)
Promised: $187.49 billion
On Sep. 7, 2008, Fannie and Freddie were essentially nationalized: placed under the conservatorship of the Federal Housing Finance Agency. Under the terms of the rescue, the Treasury has invested... More info...