Financial Institutions Reform, Recovery And Enforcement Act - FIRREA


DEFINITION of 'Financial Institutions Reform, Recovery And Enforcement Act - FIRREA'

A law enacted to ensure that real estate appraisals are performed up to standard. This includes regulation on the competency of the appraisers, supervisory standards and accurate and full documentation. The FIRREA also holds claim to the creation of the Resolution Trust Corporation, the restructuring of the regulation authority, the abolishment of the Federal Savings and Loan Insurance Corporation and the creation of the Savings Association Insurance Fund and the Bank Insurance Fund.

BREAKING DOWN 'Financial Institutions Reform, Recovery And Enforcement Act - FIRREA'

The FIRREA was enacted in 1989 following the savings and loan crisis. Its purpose was to create a more efficient, productive and effective base on which to build the industry and better serve as a safeguard for future transactions.

  1. Real Estate

    Land plus anything on it, including buildings and natural resources.
  2. Investor Protection Act

    A component of the Wall Street Reform and Consumer Protection ...
  3. Bank Insurance

    A guarantee by the Federal Deposit Insurance Corporation (FDIC) ...
  4. Appraisal

    A valuation of property (ie. real estate, a business, an antique) ...
  5. Office Of Thrift Supervision - ...

    The bureau of the U.S. Treasury Department that is responsible ...
  6. Federal Deposit Insurance Corporation ...

    The U.S. corporation insuring deposits in the U.S. against bank ...
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