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Federal Housing Reform Act
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Federal Housing Reform Act

2007, United States
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Quick Summary

The Federal Housing Reform Act, enacted in 2007, transferred regulatory responsibilities for Fannie Mae and Freddie Mac to the new Federal Housing Finance Agency (FHFA). This act was part of broader efforts to address issues in the housing market, particularly in the wake of the subprime mortgage crisis.1

Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Mortgage Reform and Anti-Predatory Lending Act, further addressed mortgage and lending standards. It aimed to prevent predatory lending and required lenders to verify a borrower's ability to repay a mortgage. This legislation was a response to the lax lending standards that contributed to the housing bubble and subsequent financial crisis.2

Summary created from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles.
3 Britannica Sources
  1. Dodd-Frank Wall Street Reform and Consumer Protection Act - Title XIV: Mortgage Reform and Anti-Predatory Lending Act
  2. Fannie Mae
  3. Dodd-Frank Wall Street Reform and Consumer Protection Act - Title XIII: Pay It Back Act

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