Final answer:
The Mortgage Disclosure Improvement Act was enacted on July 30, 2008, as part of the Housing and Economic Recovery Act of 2008 in response to the 2008 financial crisis.
Step-by-step explanation:
The Mortgage Disclosure Improvement Act was enacted as part of the broader Housing and Economic Recovery Act of 2008, which was signed into law on July 30, 2008. This act came in response to the 2008 financial crisis, which was largely caused by aggressive lending practices, risky behavior by investment firms, and government oversight failures.
To prevent a similar crisis, the Mortgage Disclosure Improvement Act focused on improving the clarity and timing of disclosures to borrowers in mortgage transactions, ensuring borrowers were well-informed about the terms and costs associated with their mortgage loans before signing on the dotted line.