President Obama this week announced his plan to help 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. The Homeowner Affordability and Stability Plan contains three main elements:
- Government-sponsored enterprise refinancing for responsible homeowners suffering from falling home prices
- Three-year $75 billion initiative to reduce monthly payments for 3-4 million at-risk homeowners
- Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac
Review the details of each element in this NAR Governmental Affairs Update.
