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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.
The following programs fall under this initiative:
(Fannie and Freddie Bailout)
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...