President Obama in a recent State of the Union address spoke about homeownership and how the American Dream has dissipated for many due to lingering challenges in housing and mortgage lending. The President offered hope to more homeowners by extending the Homes Affordable Modification Program (HAMP) until Dec. 31, 2013, and widening the program’s eligibility criteria. HAMP allows qualifying homeowners with Fannie Mae or Freddie Mac mortgages made prior to June 1, 2009 to refinance to a better rate and more favorable terms. It also provides incentives to participating mortgage lenders that reduce principle for qualifying borrowers. Millions of additional homeowners may be … (0 comments)
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