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Highlights of the new Homeowner Affordability and Stability Plan as outlined by Washington Realtor.
 
February 18,2009 5pm

On Wednesday, February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.

The key components of the plan are: 

1. Government Sponsored Enterprises (GSEs) Refinancing for Up to 4 to 5 Million Responsible Homeowners with GSE loans to Make Their Mortgages More Affordable

2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners

• A Loan Modification Plan To Reach 3 to 4 Million Homeowners

• Shared Effort with Lenders to Reduce Interest Payments

• 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. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac

 

The Trey Affolter Team, Keller Williams Realty, always welcomes comments and is available to answer questions about Tacoma Real Estate and the surrounding cities within Pierce County Real Estate, South King County Real Estate, and North Thurston County Real Estate. 

253-222-6000

http://www.TreySellsHouses.com

Posted by Trey Affolter on February 18th, 2009 9:27 PMPost a Comment (0)
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