Obama announces Homeowner Affordability and Stability Plan MortgagePress.comPresident Barack Obama, Homeowner Affordability and Stability Plan, Fannie Mae, Freddie Mac
President Barack Obama has announced his Homeowner Affordability
and Stability Plan, outlining new ways the federal government
intends to help millions of homeowners avoid foreclosure. The three
key components of the plan are:
• Providing low-cost refinancing through Fannie Mae or
Freddie Mac for up to five million homeowners affected by
decreasing home values.
• Creating a $75 billion homeowner stability program to
assist up to four million at-risk borrowers in securing loan
modifications to avoid foreclosure. The program would include
up-front incentives for servicers who negotiate qualified
• Supporting low mortgage rates by strengthening
confidence in Fannie Mae and Freddie Mac.
For more information, visit www.hud.gov.