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  March 26, 2010
                                                    HUD: FHA and HAMP
                                   Mortgage Debt Cut for Troubled Homeowners

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Overview

Today, the Obama Administration announced adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs. These program adjustments are meant to better assist responsible homeowners who have been affected by the economic crisis through no fault of their own.

The program modifications expands flexibility for mortgage servicers and originators to assist more unemployed homeowners and to help more people who owe more on their mortgage than their home is worth because their local markets saw large declines in home values. 

Costs will be shared between the private sector and the Federal Government; the Federal cost of these changes will be funded through the $50 billion allocation for housing programs under the Troubled Asset Relief Program (TARP).

Highlights

Housing Policy

The adjustments will directly tackle the problem of the millions of Americans who owe more on their houses than they are worth. The government will buy loans from investors at the current value of the house in an effort to stabilize the market, people briefed on the plan said.

The government will also increase incentive payments to lenders that cut the principal of borrowers in modification programs. And it will require lenders to cut the monthly payments of unemployed borrowers for a minimum of three months.

Explanatory Documents

HUD has issued the following documents in connection with the adjustments:

  • Frequently Asked Questions (FAQs)
  • FHA Refinance Fact Sheet
  • Housing Rollout (Examples)
  • HAMP Improvements Factsheet

 Visit our Library for Issuances     
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- Frequently Asked Questions (FAQs)
- FHA Refinance Fact Sheet
- Housing Rollout (Examples)
- HAMP Improvements Factsheet


  Issued: March 26, 2010


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