Treasury Secretary
Unveils Small Steps to Augment Loan Modification Program
The Obama administration will extend its Making Home Affordable initiative for at least one additional year, through 2016. The suite of federal programs was a key part of the White House's plan to help homeowners in the wake of the financial meltdown. The cornerstone of Making Home Affordable is a mortgage modification program known as HAMP, which has led to more than 1.3 million loan restructurings. However, the number of workouts is far fewer than anticipated. The administration also will takes steps to improve mortgage availability and address rising rents. Treasury Secretary Jacob Lew announced the new measures at a conference observing the fifth anniversary of Making Home Affordable, and housing advocates applauded the extension primarily because there is no replacement for it. Lew also urged Congress to extend the Mortgage Debt Relief Act but did not breach the topic of principal reduction.
From "Treasury Secretary Unveils Small Steps to Augment Loan Modification Program"
New York Times (06/27/14) P. B3 Dewan, Shaila
The Obama administration will extend its Making Home Affordable initiative for at least one additional year, through 2016. The suite of federal programs was a key part of the White House's plan to help homeowners in the wake of the financial meltdown. The cornerstone of Making Home Affordable is a mortgage modification program known as HAMP, which has led to more than 1.3 million loan restructurings. However, the number of workouts is far fewer than anticipated. The administration also will takes steps to improve mortgage availability and address rising rents. Treasury Secretary Jacob Lew announced the new measures at a conference observing the fifth anniversary of Making Home Affordable, and housing advocates applauded the extension primarily because there is no replacement for it. Lew also urged Congress to extend the Mortgage Debt Relief Act but did not breach the topic of principal reduction.
From "Treasury Secretary Unveils Small Steps to Augment Loan Modification Program"
New York Times (06/27/14) P. B3 Dewan, Shaila
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