Federal Housing Finance Agency and Treasury Authority
The Housing and Economic Recovery Act of 2008—passed by the United States Congress on July 24, 2008 with bipartisan support and signed into law by President George W. Bush on July 30, 2008 — enabled expanded regulatory authority over Fannie Mae and Freddie Mac by the newly established FHFA, and gave the U.S. Treasury the authority to advance funds for the purpose of stabilizing Fannie Mae, or Freddie Mac, limited only by the amount of debt that the entire federal government is permitted by law to commit to. The law raised the Treasury's debt ceiling by US$800 billion, to a total of US$10.7 trillion, in anticipation of the potential need for the Treasury to have the flexibility to support Fannie Mae, Freddie Mac, or the Federal Home Loan Banks.
Read more about this topic: Federal Takeover Of Fannie Mae And Freddie Mac
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