Housing and Economic Recovery Act --This legislation strengthens and modernizes the regulation of the housing government-sponsored enterprises ? Fannie Mae and Freddie Mac (the enterprises) and the Federal Home Loan Banks (FHLBs or Banks) ? and expands the housing mission of these GSEs. In addition, it creates a new program at FHA that will help at least 400,000 families save their homes from foreclosure by providing for new FHA loans after lenders take deep discounts. To view the full article, please visit: http://knol.google.com/k/bob-schwartz/summary-of-the-housing-and-economic/3imm48dqye6u3/4#
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