Foreclosure Prevention Act of 2008

The Foreclosure Prevention Act of 2008 was passed...in 2008...because of the subprime mortgage crisis of ‘08. Yep, that mess.

The Foreclosure Prevention Act of 2008 was less of a “let’s make sure this doesn’t happen again” and more of a “we should probably do something about all those people who are going to have to foreclose on their homes now” law. The act helped homeowners refinance their mortgages, gave first-time buyers and low-income homeowners tax credits to ease the subprime crisis burden, and increased efforts towards affordable housing projects.

All in all, the Foreclosure Prevention Act of 2008 slow-mo'ed the inevitable downfall of the mortgage market after some greedy bankers screwed everyone over.