The program hopes to assist up to 9 million Americans in lowering their mortgage payments. The plan offers refinancing options for homeowners who have less than 20% equity in their home or owe more than their home is worth and also gives at risk homeowners an opportunity to modify their loan terms in an attempt to lower their monthly payments. Only homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible and borrowers must be current on their loan. The program runs through June 2010.
The Washington Post has a simple two page article that asks and answers basic questions involving the plan.
The full set of guidelines can be downloaded in PDF form HERE.
1 day ago