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TREASURY DEPTARTMENT ANNOUNCES HOMEOWNER AFFORDABILITY AND STABILITY PLAN
February 19th, 2009 12:14 PM
The U.S. Treasury Dept. today unveiled the Obama Administration's Homeowner Affordability and Stability Plan, which will offer assistance to as many as 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. The plan will not provide money to speculators, and instead will target support to working homeowners who have made every possible effort to stay current on their mortgage payments.

The plan includes refinancing options for homeowners suffering from falling home prices; a $75 billion homeowner stability initiative including loan modifications and support for displaced renters; support for low interest rates by strengthening confidence in Fannie Mae and Freddie Mac by increasing its funding commitment to Fannie Mae and Freddie and continuing to purchase Fannie Mae and Freddie Mac mortgage-backed securities.

There are three components of the plan. The first focuses on homeowners who are current on their mortgage and would be helped by refinancing into a lower interest rate loan; these homeowners must currently be in conforming loans. The second component is designed for homeowners who are currently or are at risk of falling behind on their mortgage obligations and would benefit from a loan modification; the Treasury plan would help offset the cost of the loan modification program. The third component is intended to lower prevailing mortgage interest rates by shoring up confidence in Fannie Mae and Freddie Mac.
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Posted by Remi Fontaine on February 19th, 2009 12:14 PMPost a Comment (0)

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