Obama’s Plan. Following are highlights of President Obama’s plan to reduce mortgage foreclosures. Allow an estimated 4 million to 5 million currently ineligible homeowners who get their mortgages through Fannie Mae or Freddie Mac to refinance at lower rates.
An administration official said the housing initiative. are demonstrably not working," Senate Minority Leader Mitch McConnell, R-Ky., said Sunday. Making It Easier To Be Eligible Last month, Obama.
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Mortgage Stimulus Plan From Obama Allows 4.5% Refinancing Mortgage Refinance President Barack Obamas "Home Affordability Plan" mortgage refinancing plan will make monthly home loan payments much more manageable for over 6 million homeowners.
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Up to 9 million families would be given the chance to refinance. unveiled the plan in Arizona, a state hard hit by home foreclosures. Obama, who a day earlier signed into law a landmark $787.
John Ensign, Nevada Republican, also criticized the content of the Obama stimulus package, telling CNBC that the president’s goals are worthy but that they will not be met with this plan. He said.
On the state level there are organizations like Mass Housing in Massachusetts that are focused on promoting home ownership. For those homeowners who are trying to refinance and are experiencing difficulty due to lower valuations the HARP program is a powerful tool that allows homeowners to refinance without regard valuations in many cases.
Obama’s biggest challenge was to create enough of a stimulus to soften the recession, but not big enough to raise further doubts about the ballooning U.S. debt. Unfortunately, the plan was blamed for doing both. It failed to initially reduce unemployment below 9 percent and added to the debt.
The HARP program came to be know as the "Obama Mortgage". Those seeking an Obama mortgage are often not eligible for refinancing; often because they are late on several house payments or otherwise don’t qualify. For these borrowers, the loan modification part of the Obama mortgage plan is a very good way to get back on track financially.
The Obama Mortgage, Refinancing, and HARP The official government website for Making Home Affordable has a list of options for borrowers who need mortgage help. Choosing the right program depends on your needs.