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The Housing and Economic Recovery Act of 2008 has been called the most significant piece of housing legislation in more than a generation. Its acronym, HERA, conjures up images of ancient mythology; and perhaps rightly so, as HERA is epic in both size and scope. At roughly 275 pages, the act covers everything from FHA modernization and GSE reform to tax incentives and foreclosure prevention. This article briefly summarizes some of HERA’s major provisions, highlighting some of the more controversial aspects of the new law.
The Federal Housing Administration (FHA) was born in the most challenging of economic times. Established in 1934 to combat the rising foreclosure rates of the Great Depression, FHA is experiencing newfound relevance in the turbulence of today’s mortgage crisis. The 21st century goal of FHA, as it was in the 1930s, is to help bring about economic change and offer a more secure future for homeownership. However, this is not your grandfather’s FHA.