The Homeowner Affordability and Stability Plan, introduced this week by President Obama, is intended to help seven million to nine million families avoid foreclosure by restructuring or refinancing their mortgages.
The plan includes three main elements:
• Government-sponsored enterprise refinancing for responsible homeowners suffering from
falling home prices;
• Three-year $75 billion initiative to reduce monthly payments for three million to four million at-risk
• Support for low mortgage rates through strengthening confidence in Fannie Mae and Freddie Mac.
Source: Texas Association of Realtors