Mortgage modifications are changes made to mortgage loans which them become permanent. Common modifications include changing the interest rate on the loan and getting a modification due to financial hardship. In 2009. President Barack Obama proposed some new allowances for mortgage modifications because of the financial crisis facing many homeowners from the recession.

Some financial analysts and pundits have cried foul play on the Obama housing crisis plan. Their main concern with the new plan is that it helps those who are still treading water, while not offering a lifeline to those who are going under. In addition, as proposed, it allows the government to pick up the tab on some secondary mortgages, which would then be paid with taxpayer dollars. Some see this as those who played by the rules and kept their financial heads above water bailing out those who took out excessive secondary mortgages to finance various sundry luxuries like swimming pools, boats, home additions and more.The941: Helping families save their homes... (March 13, 2009) Tower Ticker: Rick Santelli on his CNBC mortgage bailout rant (February 22, 2009)