Difference between revisions of "Making Home Affordable Program"
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Revision as of 21:46, 20 October 2009
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The Making Home Affordable Program, or MHA, is a TARP program set up as a foreclosure mitigation plan intended to help bring relief to responsible homeowners struggling to make their mortgage payments while preventing neighborhoods and communities from suffering the negative spillover effects of foreclosure, such as lower housing prices, increased crime, and higher taxes.
Contents
MHA Programs
MHA consists of two primary programs:
- The Home Affordable Refinance Program (HARP) helps "upside-down homeowners" (those who are current on their mortgage payments but owe more than their homes are worth) refinance into more stable, affordable loans. As of September 1, 2009, HARP has closed 95,729 refinancings, "hopefully reducing the number of homeowners who may face foreclosure in the future." [1]
- The larger Home Affordable Modification Program (HAMP) reduces monthly mortgage payments in order to help borrowers facing foreclosure keep their homes. As of September 1, 2009, HAMP facilitated 1,711 permanent mortgage modifications, with another 362,348 additional borrowers in a three-month trial stage. [1]
Articles and resources
Related SourceWatch articles
References
- ↑ Jump up to: 1.0 1.1 Congressional Oversight Panel, October Oversight Report: An Assessment of Foreclosure Mitigation Efforts After Six Months (Oct. 9, 2009), http://cop.senate.gov/documents/cop-100909-report.pdf (PDF).
External resources
External articles
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