Homeowner Affordability and Stability Plan

Last week, President Obama signed into law the Homeowner Affordability and Stability Plan. This is part of the President's comprehensive strategy to get our economy back on track.

The goal of this plan is to help the up to 9 million Americans facing foreclosure. This does not give them any cash to make thier payments. What it does is it enables those that are truly in destress and cannot make their payments to refinance their high interest and adjustable rate mortgages to more affordable mortgages with better interest rates.

The key components are as follows:

1. Refinancing forUP to 4 to 5 Million Responsible Homeowners to make Their Mortgage Payments More Affordable.
2. A $75 Billion Homewoner Stability initiative to Reach Up to 3 to 4 Million At-Risk Homeowners.
3. Supporting Low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac.

Below is a link to this summary:

http://www.mmbaonline.com/Portals/0/Documents/20090218factsheet.pdf

If you think that you may need assistance with re-financing your home, please feel free to contact me. I have two great mortgage brokers in my office, and they are here to help.