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President Barack Obama announced his plan to assist homeowners with their mortgages on February 18, 2009. The plan is called the Homeowner Affordability and Stability Plan. Under the plan, eligible homeowners, who are current in their mortgages, will be able to refinance a 15 or 20 year fixed rate mortgage loan. The plan is intended to relieve the foreclosure crises many American homeowners are facing.Official Site: White House Blog: Help for homeowners (February 18, 2009)
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Fast Facts
- Introduced on February 18, 2009
- Obama's mortgage plan is called the Homeowner Affordability and Stability Plan
- Plan was outlined in a speech by Obama from Phoenix, ArizonaOfficial Site: White House Blog: Help for homeowners (February 18, 2009)
- Goal is to help qualified homeowners reduce their monthly paymentsChicago Sun-Times: Obama Mortgage Foreclosure Rescue Plan Will... (February 18, 2009)
- Plan is a part of Obama's economic stimulus planChicago Sun-Times: Obama Mortgage Foreclosure Rescue Plan Will... (February 18, 2009)
- Approximately four to five million homeowners will be able to refinanceChicago Sun-Times: Obama Mortgage Foreclosure Rescue Plan Will... (February 18, 2009)
- The mortgage package costs $75 billionChicago Sun-Times: Obama Mortgage Foreclosure Rescue Plan Will... (February 18, 2009)
- Plan will not help "house flippers"Chicago Sun-Times: Obama Mortgage Foreclosure Rescue Plan Will... (February 18, 2009)
- Eligible borrowers, who are current on their mortgage payments, can refinance into a 15 or 30 year fixed rate mortgageOfficial Site: White House Blog: Help for homeowners (February 18, 2009)
- Fannie Mae and Freddie Mac will refinance mortgage loans in their portfoliosOfficial Site: White House Blog: Help for homeowners (February 18, 2009)
- Full eligibility details will be announced on March 4, 2009Official Site: White House Blog: Help for homeowners (February 18, 2009)
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Incentives
In an effort to keep borrowers current with their mortgage payments, Obama's mortgage plan offers an incentive. If a borrower pays their mortgage on time each month, they will receive a monthly balance reduction. Borrowers will be able to save up to $1,000 a year, for five years.Chicago Sun-Times: Obama Mortgage Foreclosure Rescue Plan Will... (February 18, 2009) -
Apply for Mortgage Help
The refinancing program begins on March 4, 2009. When it becomes available, mortgage lenders will request the following information: information on gross monthly income (pay stubs and documentation from all sources), the most recent tax return, information on any second mortgages, credit card balances and information on student loans or car loans.Official Site: White House Blog: Help for homeowners (February 18, 2009)
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Official Site: White House Blog: Help for homeowners
whitehouse.gov (February 18, 2009) -
WashingtonPost.com: Obama's Mortgage Plan Includes Low-Cost Refinancing... (February 18, 20090
voices.washingtonpost.com -
Times Online: Obama Set To Announce $275bn Housing Rescue
business.timesonline.co.uk (February 18, 2009) -
Chicago Sun-Times: Obama Mortgage Foreclosure Rescue Plan Will...
blogs.suntimes.com (February 18, 2009) -
Reuters: TEXT- Obama Speech on Home Mortgage Crisis (February 18, 20090
reuters.com -
YouTube Video: Obama's Focus on Foreclosures (Time: 5:22)
youtube.com -
Charlotte Business Journal: Obama Unveils Plan to Prevent Foreclosures
bizjournals.com (February 18, 2009)
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Official Site: White House Blog: Help for homeowners
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Obama Mortgage Plan News
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Congress brews plans bank's regulatory authority
The Fed has already said it will wind down the purchases of mortgage securities in March after buying about $1.25 trillion worth. In the more distant future ...The Star-Ledger - NJ.com (November 14, 2009) -
Morgan Stanley, Citigroup Lead Mortgage Modifications
... of US banks modifying home loans to troubled borrowers under the Obama administration's main foreclosure prevention plan, the Treasury Department said. ...Bloomberg (November 10, 2009) -
Bad credit mortgage refinance loan and loan modification - way to save your home
President Barack Obama's ambitious mortgage stimulus plan is geared towards helping the housing market by helping homeowners who are at risk of losing their ...OA News (November 13, 2009) -
Pace of mortgage help rising but still slow
Since the Obama plan's launch, the bank has spent millions of dollars to upgrade its computer systems, including fax servers that couldn't handle the deluge ...The Associated Press (November 12, 2009)
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Questions and Answers About Obama Mortgage Plan | View All | Ask a Question
View All Obama Mortgage Plan Questions (1731) | Ask a QuestionIf I have a current repo. on my car do I still qualify for the Obama mortgage reduction? (1 Answer)Sorry..no ..each car that is being traded in..must not have any liens on it. read moreWhat are some of the details of the Mortgage relief plan? (3 Answers)The Associated Press released a brief article on some of the plan's highlights this morning (see link below). Some of these include: -"$2 billion in competitive grants to communities experimenting ... read moreWhich Banks are starting to offer Mortgage modification loans plans? (1 Answer)Although I'm not currently looking at loan modification, I am trying to refinance and take advantage of a lower interest rate. I've done a bit of research on this so ... read more
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Obama Mortgage Plan on Twitter Powered by Twitter
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Can I use Obama's Stimulus Plan to refinance an upside-down ...: Can't Refinance, Mortgage Upside Down .. http://bit.ly/1Yf6jR
@NWMortgageRate | November 14, 2009 08:56 PM -
Ahhhh Poor Nicolas Cage. Guess Pres Obama's refinancing mortgage plan couldnt save his homes.
@ConservativeGen | November 14, 2009 04:22 PM -
Obama Refinance Plan – Modify Your Mortgage to a Lower Payment Now: The Obama refinance plan was created to hel.. http://bit.ly/3BaRaL
@eraseyourdebt | November 14, 2009 08:58 AM -
Does anyone have any positive thoughts on Obama's mortgage-modification plan?? Negative articles are popping up left and right about this!
@guaranteedrate | November 13, 2009 06:08 PM -
Obama Refinance Plan – Modify Your Mortgage to a Lower Payment Now http://bit.ly/2BNqp1
@MLMAdvicePro | November 13, 2009 04:44 PM
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Obama Mortgage Plan on Amazon | View All
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The administration's plan for troubled borrowers: The details of the Obama administration's plan for helping strapped borrowers are complex. The components ... of 2009 ): An article from: Mortgage Banking - $9.95
This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on May 1, 2009. The length of the article is 4276 words. The page length shown above is based on a typical 300-word page. The ar...
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