Making Home Affordable

Includes State-Specific Modifications to Date

November 10, 2009 -- WASHINGTON – Today, the Obama Administration released the next monthly report for the Making Home Affordable (MHA) loan modification program. As part of an ongoing commitment to transparency, the report includes for the first time state-specific trial modification numbers. With more than 650,000 modifications under way across the country, the program is on track to meet its goals over the next several years.    » read more »

(Phoenix, Ariz. – August 4, 2009) Responding to a report issued today on the results of the federal “Making Home Affordable” loan modification program, Arizona Attorney General Terry Goddard again called upon mortgage loan servicers to ramp up their efforts to help homeowners at risk of foreclosure.

According to the report, Arizona lenders and servicers vary greatly in the results of their modification programs. Many of the lenders with the biggest Arizona market shares have only single-digit success rates in their modification programs.    » read more »

HUD Secretary announces eligibility for borrowers up to 125% underwater in Las Vegas with Senate Majority Leader Harry Reid and Congresswoman Dina Titus

July 1, 2009 -- WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration's Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage.

Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.    » read more »

155,000 more modification requests in process or under review Has prevented 565,000 foreclosures since 2007

NEW YORK, June 30, 2009 -- Chase announced today that it has approved 138,000 trial mortgage modifications for struggling homeowners since April 6, when it began processing trial modifications through President Obama's Making Home Affordable program.

Since 2007, Chase has continued to expand its comprehensive plan to keep families in their homes, helping prevent 565,000 foreclosures - including the 138,000 trial modifications -- for Chase, WaMu and EMC customers. Another 155,000 applications are in the review process.    » read more »

WASHINGTON, June 8, 2009 - Today, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan and the National Fair Housing Alliance (NFHA) rolled out their national media campaign to fight foreclosures and discrimination.

NFHA and HUD have partnered to create a national media campaign that informs consumers about alternatives to foreclosure, how to avoid predatory loan terms and how to recognize and report rental discrimination. NFHA's members nationwide, the Leadership Conference on Civil Rights, and other groups will assist with distributing the materials.    » read more »

Just Over Two Months after Release of Program Guidelines, Homeowners Realizing Relief under Administration Plan Join Secretaries to Share Personal Stories

May 14, 2009 -- WASHINGTON - With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner and Housing and Urban Development (HUD) Secretary Shaun Donovan today provided an update on the program's impact on stemming the housing crisis and keeping families in their homes and announced new options for homeowners facing foreclosure.    » read more »

Features Self Assessment Tools, Calculators to Help Borrowers Determine Eligibility, Payment Reductions under Administration's Refinancing and Loan Modification Program

March 19, 2009 -- Washington, DC-- The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today launched a new website for consumers seeking information about the Obama Administration's Making Home Affordable loan modification and refinancing program. MakingHomeAffordable.gov offers features including interactive self-assessment tools that will empower borrowers to determine if they're eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program.    » read more »

Alliance Pools Expertise, New Resources to 27 Highly Impacted Communities

CHICAGO, March 5 -- Ethnic communities hardest hit by the foreclosure crisis will receive much needed resources to help preserve homeownership thanks to a new national coalition announced today. The Alliance for Stabilizing our Communities - led by the National Urban League (NUL), the National Council of La Raza (NCLR), and the National Coalition for Asian Pacific American Community Development (National CAPACD) - was created, with the help of Bank of America, to assist multicultural homeowners facing foreclosure identify and procure the best housing solutions possible.    » read more »

March 5, 2009 -- AARP Executive Vice President Nancy LeaMond applauded House passage of the Mortgage Relief Bill and urged the Senate to prevent further foreclosures by quickly taking up the Bill. Following is her statement:

“The bankruptcy provision that passed the House today will allow people at risk of foreclosure, especially older Americans, to rework their mortgages in bankruptcy court and stay in their homes in situations where previous voluntary loan modifications had failed. With rising foreclosures undermining everyone’s property values, this new option will not only help hundreds of thousands of homeowners save their homes, it will help keep everyone’s property values from sliding further.    » read more »

NEW YORK, March 4, 2009 - JPMorgan Chase announced today that it strongly supports the Administration's mortgage modification program, as detailed today.

"This builds on the efforts we have already implemented and extends them to more struggling homeowners and provides us and other servicers more options to keep families in their homes," said Jamie Dimon, Chief Executive Officer of JPMorgan Chase & Co. "The plan appropriately balances the interest of homeowners, mortgage servicers and investors. As a result, more families will be helped with long-term and sustainable solutions through a consistent process, including a verification of income."

We support the program because:    » read more »

Nation’s Top Mortgage Servicer Says Program Expands Solutions for Borrowers

March 4, 2009 -- CALABASAS, Calif. – Bank of America, the nation’s largest mortgage servicer, announced that it will participate in the Making Home Affordable Plan based on program guidelines released today by the U.S. Department of the Treasury, extending new foreclosure prevention and refinancing options to eligible customers nationwide. While the company becomes operationally ready, Bank of America will extend its foreclosure sale moratorium for borrowers that potentially qualify for the program.    » read more »