In 2008, the federal government took over Fannie Mae and Freddie Mac, government-sponsored entities charged with financing mortgages and increasing home ownership. The companies currently own or guarantee about half of outstanding home loan debt and have employed various foreclosure mitigation strategies, including foreclosure moratoria. Many experts believe that the companies can and should play a central role in resolving the housing crisis. The Housing Opportunity and Mortgage Equity Act of 2009 directs Fannie Mae and Freddie Mac to purchase mortgages on principal residences. For a mortgage to qualify for purchase, a lender must modify its terms: the mortgage must have a fixed interest rate that does not exceed 4% and a maturity of between 30 and 40 years. Fannie Mae and Freddie Mac are then required to package the purchased loans and resell them as securities. The legislation does not authorize funds for the purchase program. While the financial industry continues to benefit from an enormous government bailout, efforts to assist struggling middle-class homeowners have been haphazard and inadequate. Indeed, as the economy and the housing and job markets worsen, middle-class households continue to lose equity in their homes and are less able to afford abusive mortgages with exorbitant interest rates.