On July 23rd, the US House and Senate agreed on the passage of the Housing and Economic Recovery Act of 2008, H.R. 3221. The Legislation modernizes the regulastion of lending standards followed by Fannie Mae and Freddie Mac. Additionally, it creates a new program within the Federal Housing Administration that will allow homeowners to save their homes from foreclosure after lenders take deep discounts. Presdident Bush signed the Bill into Law on July 30th, 2008.