What is the name of the legislation enacted in 2008 to assist the housing market?

The Housing and Economic Recovery Act (HERA), enacted in 2008, was specifically designed to address the issues facing the housing market during the housing crisis. One of its primary purposes was to provide regulatory oversight and implement measures to stabilize the housing finance system. HERA aimed to restore confidence in the housing sector and improve conditions for homeownership and affordability by creating and funding various programs, including those for mortgage modifications and foreclosure prevention initiatives.

Additionally, HERA established the Federal Housing Finance Agency (FHFA) to oversee government-sponsored enterprises like Fannie Mae and Freddie Mac. This oversight was crucial during a time when these entities were experiencing significant financial distress. The Act included provisions to provide liquidity to the mortgage market and support borrowers who were struggling due to rising foreclosures and falling home prices.

In contrast, the other options pertain to different aspects of mortgage regulation and consumer protection. The SAFE Act focuses on licensing requirements for mortgage loan originators, RESPA governs disclosures during real estate transactions, and ECOA prohibits discrimination in credit transactions. While each plays a vital role in the broader context of housing finance and consumer protection, they are not specifically legislation enacted to assist the housing market during the crisis of 2008 like HERA was.