Obama Announces Plan to Help Struggling Homeowners

Governmental Affairs, Mortgage Lending, News Add comments

Yesterday, President Obama unveiled the Homeowner Affordability and Stability Plan, the administration’s $75 billion effort to help up to 7 to 9 million families avoid foreclosure by refinancing their mortgages.

The key components of the plan are:

  • Government Sponsored Enterprises (GSEs) Refinancing for Up to 4 to 5 Million Responsible Homeowners with GSE loans to Make Their Mortgages More Affordable
  • A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
  • Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac

NAR has developed a good summary of the plan to help REALTORS® understand how it is structured.

Posted by Scott Sherrin at 12:15 pm

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One Response to “Obama Announces Plan to Help Struggling Homeowners”

  1. Walter Dunn Says:

    There are to many ifs and ands in this we are going to see another rash of fraud in lending with this plan as it sit right now. I don’t see that we the tax payers should be required to bear the expense of the bogas loans which were made in the past to people who knew along with their lender or mortgage broker they could not handle what they were obligating themself for.

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