President Obama unveiled a new Homeowner Affordability and Stability Plan this week.
According to the plan:
The Obama Administration’s Plan will offer assistance to as many as 7 to 9 million homeowners making a good-faith effort to stay current on their mortgage payments while attempting to prevent the destructive impact of foreclosures on families and communities.
A Summary of Homeowner Affordability and Stability Plan
1.Refinancing for Responsible Homeowners Suffering From Falling Home Prices
2.A Comprehensive $75 Billion Homeowner Stability Initiative
- A Loan Modification Plan To Reach 3 to 4 Million Homeowners
- Shared Effort with Lenders to Reduce Interest Payments
- Incentives to Servicers and Borrowers
- Clear and Consistent Guidelines for Loan Modifications
- Required Participation By Financial Stability Plan Participants
- Modifications of Home Mortgages During Bankruptcy
- Strengthen Hope for Homeowners and Other FHA Loan Programs
- Support Local Communities and Help Displaced Renters
3. Support Low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac
The Details of the Plan are available here:
