Making Home Affordable

Banks accepting new Troubled Asset Relief Program (TARP) funds must also adopt President Obama’s mortgage modification plan says Shaun Donovan, Housing and Urban Development Secretary. Currently, only Fannie Mae and Freddie Mac are participating in the Making Home Affordable program. Some private banks may participate.

The Obama administrations’ Making Home Affordable seeks to bring mortgage payments down to no more than 38 percent of gross income. This is primarily done through lower mortgage rates and extended repayment terms. There is no requirement for lenders to forgive principal.

Related posts:

1. More Foreclosures Imminent
2. Making Home Affordable?
3. Lenders Resist Making Home Affordable
4. Pending Home Sales Drop, Market Looks Bleak
5. Report: HAMP Program Only Making A Dent In Foreclosure Crisis

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