TREASURY’S HOMEOWNER AFFORDABILITY AND STABILITY PLAN
By: Myles, February 18th, 2009
Today the U.S. Treasury announced what they call the Homeowner Affordability and Stability Plan, intended to stave off the mortgage and residential real estate crisis. Below is a quick and dirty outline of the plan. For a summary, review the Treasury’s Fact Sheet. For the Full Plan, check out all the details right from the press release, hot off the presses. For specific case examples, see how this plays out.
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: (i) Shared Effort with Lenders to Reduce Interest Payments; (ii) 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
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