The Obama Administration Making Home Affordable program will offer assistance to as many at 7 to 9 million homeowners. The program is geared towards those homeowners who are making thier best effort to make their mortgage payments while attempting to prevent foreclosure. As we know the effect of ongoing foreclosures has a devestating impact on familities and communities. The American Recovery and Reinvestment Act works to save or create new jobs, and the Financial Stability Plan works to get credit flowing, the Make Home Affordable will aide recovery in the housing market and ensure workers are able to continue to pay off their mortgages.
This plan includes a Home Affordable Refinance program for Responsible Homeowners suffering from falling home prices. There is also a comprehensibve $75 Billion Home Affordabel Modification Program that will reach up to 3-4 million wilth incentives to Serives and Borrowers. And, by supporting low mortages rates this will strengthen confidence in Fannie Mae and Freddie Mac. The US Treasure has more on the details of the program and you can also read more at my website.