What does the acronym HERA stand for?

The acronym HERA stands for the Housing and Economic Recovery Act. This legislation was enacted in 2008 primarily to address issues in the housing market that arose during the subprime mortgage crisis. It aimed to provide aid to homeowners, stabilize financial markets, and reform various housing-related programs. By focusing on economic recovery in conjunction with housing initiatives, HERA played a significant role in shaping policies around mortgage lending and support for homeowners during a time of economic distress.

Understanding the details of HERA is crucial for those in the mortgage industry, as it outlines various policies and initiatives that impact the housing market, mortgage financing, and government-sponsored enterprises such as Fannie Mae and Freddie Mac.