On July 30, President Bush signed into law H.R. 3221, the “Housing and Economic Recovery Act of 2008” (Housing Act). The Housing Act establishes a new regulator to oversee Fannie Mae, Freddie Mac (“GSEs”) and the Federal Home Loan Banks; authorizes the Treasury Department to buy stock or debt in those GSEs; reforms the regulatory supervision of the GSEs; creates the “Hope for Homeowners” FHA program to encourage refinancing of mortgages of at-risk borrowers living in their own homes; establishes a permanent Housing Trust Fund and Capital Magnet Fund to increase the supply of affordable housing; provides $4 billion in emergency assistance to states and cities for the redevelopment of abandoned and foreclosed homes; and contains housing-related tax incentives and other tax provisions.