The Great Recession was a period of significant economic decline lasting from approximately December 2007 through June 2009, marked by a severe financial crisis and elevated unemployment rates.
The Housing and Economic Recovery Act of 2008 (HERA) was significant legislation enacted to alleviate the subprime mortgage crisis by reforming housing-related Government-Sponsored Enterprises (GSEs) like Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Additionally, it enhanced federal oversight and offered various provisions to support homeowners and stabilize the housing market.
