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The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
Each year, Fannie Mae and Freddie Mac set a baseline conforming loan limit, adjusting it for high-cost areas. For 2025, the baseline limit is rising from $766,550 to $806,500.
In addition, FIRREA gives both Freddie Mac and Fannie Mae additional responsibility to support mortgages for low- and moderate-income families (12 U.S.C §1441a–2(b). Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets - Investment requirement).
The law provides for tax rebates to low- and middle-income U.S. taxpayers, tax incentives to stimulate business investment, and an increase in the limits imposed on mortgages eligible for purchase by government-sponsored enterprises (e.g. Fannie Mae and Freddie Mac). The total cost of this bill was projected at $152 billion for 2008. [2]
That means the FHA loan limit is $498,257 in low-cost areas and $1,149,825 in high-cost areas. The FHA is also required by law to set the loan limit at 115 percent of the median home sale price ...
Fannie Mae's new refinance program "RefiNow" is scheduled to launch June 5, available for qualifying homeowners with a Fannie Mae-owned mortgage. Low-income households could potentially save ...
To satisfy these mandates, Fannie and Freddie announced low-income and minority loan commitments. In 1994 Fannie pledged $1 trillion of such loans, a pledge it fulfilled in 2000. In that year Fannie pledged to buy (from private lenders) an additional $2 trillion in low-income and minority loans, and Freddie matched that commitment with its own ...
The state’s new funding model can help schools train students for high-demand jobs, panelists said at a Texas Tribune event. With new funding formula, community colleges can better prepare ...