Obama’s Mortgage Modification Program that allows borrowers with little or no equity in their home to refinance has helped about 60,000 homeowners so far. The refinancing program is part of the Obama administration’s massive housing program, known as Making Home Affordable.
Obama’s Mortgage modification program aims to help 5 million borrowers over three years. The report comes as new data show that about one-third of borrowers owe more than their home is worth, putting them at a higher risk of falling into foreclosure.
Since the program was initiated in April, 60,484 borrowers have been able to refinance. About half of the deals, 30,192, were completed in July, according to the government data.
Share This
2 comments ↓
[...] with their mortgage loans, and plans to benefit about 5 million borrowers in three years. About 60000 mortgage borrowers have availed the opportunity, and many are still trying their best to have it. We just want to know what a common man thinks [...]
Who decides what homes are worth? I bet the mortgage companies have a hand in that! They approve loans for 2 or 3 times what it cost to build a home, so why should they cry about making borrowers repay the actual amount with a reduced interest rate? Who earns 4-6% on their savings account? Now me! So why should they get that much on a loan? I say let them eat the interest at 1% or less so we can all afford to repay what we have borrowed.
Leave a Comment