Fighting to Keep People in Their Homes

Statement

This week, President Barack Obama signed by executive order a housing initiative to help homeowners whose mortgages are currently underwater. The initiative overhauls the Home Affordable Refinance Program (HARP), allowing eligible homeowners to save $2,500 a year on their mortgage as well as make existing programs more accessible to individuals. The adjustment not only makes it cheaper to refinance but also creates incentives for lenders which might otherwise be hesitant to refinance, allowing for more competition that would benefit homeowners.

Source