New Homeowner Affordability and Stability

Today, President Barack Obama announced a new U.S. government plan designed to help more Americans who have fallen behind on their mortgage payments or are in imminent danger of missing a payment. Called the Homeowner Affordability and Stability Plan, it includes both a modification program for at-risk borrowers and refinance initiative for Fannie Mae and Freddie Mac borrowers who are current on their mortgage payments.

As stated by Fannie Mae President and CEO Herb Allison in a media statement, "Fannie Mae is committed to working with the Administration, FHFA and our industry partners to rapidly implement the President's Homeowner Affordability and Stability Plan and we will make every possible effort to help eligible borrowers sustain homeownership over the long term."

For More Information
We are still working through the details of program implementation and expect to issue Guide Announcements in the near future.
In the meantime, please refer to the government's new Web site, FinancialStability.gov, which includes an executive summary, fact sheet, case studies, and Q&A.