Obama Administration announces Homeowner Affordability and Stability Plan

President Obama unveiled details of a new Homeowner Affordability and Stability Plan today. The key components are:

  1. Government Sponsored Enterprises (GSEs) refinancing for up to five million responsible homeowners with GSE loans to make their mortgages more affordable
  2. A $75 billion homeowner stability initiative to reach up to four million at-risk homeowners
  3. Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac

As you might expect, NAR not only supports the plan, but they’ve also done a nice job summarizing it for Realtors.

Now you know.

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4 Responses to Obama Administration announces Homeowner Affordability and Stability Plan

  1. Betty Saenz says:

    Great piece. I think affordable housing is so important because home ownership adds stability in neighborhoods and families. I am glad NAR makes it easy for us to share this grat news with the public.

  2. Abbe Waldman says:

    Thank you for posting this information on the new GSE programs in one place. I am a realtor and am very releived to see these programs starting. I have so many clients who have lost their jobs and were about to lose their homes. This financial crisis is touching everyone from all walks of life and financial status. These programs being rolled out will make a big difference to millions of people.
    As a realtor it is a tragic situation when I cannot help them sell their home as in most cases the properties are worth far less than the current mortgage.

  3. This plan helps the homeowners behind on their payments or at risk of defaulting but prevents neighbourhoods and communities from being pulled over the edge.

  4. The administration is working hard to support state housing finance agencies in serving homebuyers.

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