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Making Home Affordable

The Administration’s goal is to promote stability for both the housing market and homeowners. To meet these objectives, the Administration developed a comprehensive approach using state and local housing agency initiatives, tax credits for homebuyers, neighborhood stabilization and community development programs, foreclosure prevention programs, and support for Fannie Mae and Freddie Mac. The Administration’s efforts for homeowners have focused on giving responsible households an opportunity to remain in their homes while they get back on their feet or relocate to a more sustainable living situation. Today, thanks in large part to these programs, more than 9.5 million homeowners have refinanced their mortgages to more affordable levels, mortgage modifications have become more affordable and sustainable for struggling homeowners, interest rates are at record lows, home prices are rising again in many areas and the economy is growing. While the housing market has stabilized, it will take time to fully recover.

President Obama announced the Making Home Affordable Program in February 2009 as part of a broader plan to stabilize the housing market. Making Home Affordable has served as a catalyst for the mortgage industry to provide more affordable and sustainable assistance to struggling homeowners to prevent avoidable foreclosures. 

To date, over 1.5 million homeowners have started a trial modification under the Home Affordable Modification Program (HAMP), and more than 670,000 homeowners have received a permanent modification. These homeowners have reduced their mortgage payments by a median of 37 percent -- over $500 every month. In total, homeowners have already reduced their mortgage burden by approximately $5.9 billion through HAMP permanent modifications. 

Since its launch, the Making Home Affordable Program has been expanded to offer assistance to homeowners with second liens or who are struggling because they are unemployed or “underwater” (owe more on their home than it is currently worth). Making Home Affordable also includes the Home Affordable Foreclosure Alternatives Program (HAFA) which has greatly streamlined the process for homeowners seeking a short sale or deed-in-lieu of foreclosure.

The Administration has accomplished a great deal to help homeowners across the country. But we recognize the continued commitment needed to help American families during the worst housing crisis in a generation. We will aggressively continue to build on our progress to date. Sustained recovery of our housing market and the mitigation of foreclosures are critical to lasting financial stability and promoting a broad economic recovery. We continue to work to help restore stability to the U.S. housing market and ensure a sustained economic recovery.