What act was created by the Housing and Economic Recovery Act of 2008?

The Housing and Economic Recovery Act of 2008 led to the creation of the Secure and Fair Enforcement for Mortgage Licensing Act, commonly known as the SAFE Act. This act was established to enhance consumer protection and reduce fraud by mandating the licensing and registration of mortgage loan originators. The SAFE Act set forth specific requirements for these professionals, including background checks and ongoing education, to ensure that individuals entering the industry meet certain standards of integrity and proficiency.

The focus of the SAFE Act is to create a standardized national system for the licensing of mortgage loan originators, thus helping to improve accountability and reliability in the mortgage lending process. As a result, it significantly impacted how mortgage origination is regulated within the real estate industry.

Other choices refer to different acts and initiatives, but none of them were directly created as a result of the Housing and Economic Recovery Act of 2008. Each has its purpose and history, but the SAFE Act distinctly emerged to address issues related to the mortgage industry during the financial crisis stemming from the housing market collapse, making it the most relevant answer in this context.