Housing and Economic Recovery Act of 2008 Resource Center


On Wednesday, July 30, 2008, Former President George W. Bush signed major housing legislation, Public Law 110-289, the "Housing and Economic Recovery Act of 2008 (HERA)." The legislation includes several initiatives which MBA has long advocated, such as reform of government sponsored enterprise (GSE) regulation and modernization of the Federal Housing Administration (FHA).

This new center is the complete HERA resource for the real estate finance industry. This collection of resources houses the latest information on this major piece of legislation that Kieran P. Quinn, CMB, 2008 MBA Chairman called "the most important piece of housing-related legislation in more than a generation."

Financial Markets Stability Resource Center Spotlight

February 18, 2009: President Obama Unveils Homeowner Affordability and Stability Plan

On Wednesday, February 18, President Obama unveiled his Homeowner Affordability and Stability Plan designed to provide assistance for struggling homeowners and entice and empower servicers to help more borrowers avoid foreclosure.

Click on each of the following links to find MBA’s public statement, an MBA summary of the plan and an executive summary, fact sheet and Q&A document from the White House.

February 17, 2009: President Obama Signs the Economic Stimlus Package

President Obama signed H.R. 1, the "American Recovery and Reinvestment Act of 2009" into law on February 17, 2009. The $787 billion legislation represents significant compromise on several major issues. For example, President Obama's promised middle-class tax cut has been reduced and the state fiscal stability fund, to be spent mostly on education, saw a $25 billion reduction.

On the real estate front, the bill restores 2008 government-sponsored enterprises (GSE) and Federal Housing Administration (FHA) loan limits for the 2009 calendar year and increases the Home Equity Conversion Mortgage (HECM) limit to $625,500. The bill voted on today also increased the $7,500 First Time Homebuyer Credit-enacted under the Housing and Economic Recovery Act (HERA)-to $8,000 and extends the credit to December 1, 2009, with no repayment requirement. MBA was working to increase the credit to $15,000 or ten percent of the area median house price, and to have the credit available at closing. The bill allows small businesses-enterprises with less than $15 million in annual revenues-to elect a five-year Net Operating Loss (NOL) carryback incurred for tax years ending or alternatively, beginning in 2008.

MBA Resources
MBA HERA Frequently Asked Questions (FAQs)
  • MBA's HERA FAQs (relating to FHA provisions)
  • MBA HERA FAQs (FHA Multifamily Program Changes)
  • MBA HERA FAQs (Government Sponsored Enterprise (GSE) Changes)
  • MBA HERA FAQs (Selected Tax and Miscellaneous Provisions)
Additional Resources
Mortgagee Letters
  • All FHA Mortagee Letters
  • 11/06/08 - HECM Mortgage Limits - Effective Immediately
  • 10/31/08 - HECM Origination Fee – New Limits
  • 09/04/08 - Moratorium on Risk-Based Premiums for FHA Mortgage Insurance
  • 09/05/08 - Revised Downpayment and Maximum Mortgage Requirements
  • 09/16/08 - HECM Program - Requirements on Mortgage Originators
  • 10/01/08 - HOPE for Homeowners Origination Guidance
  • 10/01/08 - HOPE for Homeowners Servicing Guidance

HERA Resource Center Spotlight
FHA Bimonthly LIVE Online Conference Series

MBA's LIVE Online Conferences are a popular new learning format powered by CampusMBA. This learning format allows students to attend a one-time, interactive, instructor-led course from anywhere in the world. All that is needed is a computer with an Internet connection, Web browser and telephone. This saves both travel expenses and time away from the workplace. These programs address hot topics in the industry by providing a quick and accessible platform for learning. Learn more about these programs.




Get your staff up to speed on HERA
CampusMBA, the education division of MBA, delivers targeted, business-aligned training solutions to the real estate finance industry. Through Rapid Reaction Training, CampusMBA can help your company get immediate access to new skills and information on how HERA will impact your business. Learn more about CampusMBA Enterprise Learning Training.