Obama Administration’s Making Home Affordable Plan Has Problems
Up to 9 million homeowners who are at risk of losing their homes were supposed to benefit from the Obama administration’s Making Home Affordable program. Participants were supposed to be able to lower their monthly mortgage payments through refinancing.
The plan was supposed to help more than 4 million homeowners by guaranteeing loans through Freddi Mac and Frannie Mae; other citizens in need were meant to benefit from the $75 billion in incentives given to providers in order to administer mortgage modifications. (more…)
Mortgage Help is on the Way
There may be hope for the mortgage crisis yet. Today President Obama enacted measures to help borrowers under financial stress. New incentives for both lenders and loan servicers are expected to make loans more affordable for buyers. The measures also call for streamlining the program Hope for Homeowners, which may help people who have been seeking a way to refinance without much luck.
The bill also provides $2.2 billion in aid for homeless families. (more…)