Treasury Details ‘Making Home Affordable’ Plan

The U.S. Treasury Department today announced new guidelines that will enable loan servicers to begin modifying eligible mortgages under the Homeowner Affordability and Stability Plan that President Obama unveiled two weeks ago. The rules will implement financial incentives for mortgage lenders to modify existing first mortgages and set standard industry practice for modifications.

Treasury Secretary Tim Geithner says the Making Home Affordable program “will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans.”

The Treasury Department has published a wealth of professional and consumer resources that explain the details of the new Making Home Affordable policies at FinancialStability.gov.