Senate Democrats

H.R. 3221, the Housing and Economic Recovery Act of 2008

Note: On July 26, 2008, the Senate is expected to vote on a motion to concur with the House version of H.R.3221. This legislation was amended by the House on July 23, 2008, to include temporary emergency authority for the Department of Treasury intended to restore market confidence in the housing-related government-sponsored enterprises.

Summary and Background

Democrats are working to make the American Dream affordable again for middle-class families struggling with the rising cost of living, the shrinking job market, and a housing foreclosure crisis that threatens America’s hard-working families, their communities, and the economy. Senate Democrats have developed a bipartisan package of legislative initiatives that, if enacted, would help to stabilize the market and provide relief to hundreds of thousands of Americans who, due to no fault of their own, are struggling to keep their homes. This legislation addresses the root of our current economic problems – the foreclosure crisis – and takes a step in the right direction toward getting our economy back on track. 

On July 26, 2008, the Senate is expected vote on a motion to concur House amendment to the Senate amendments to the House amendments to the Senate amendment to H.R.3221,the Housing and Economic Recovery Act of 2008. This legislative package would enact:

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