What is Freddie Macs role in the Making Home Affordable plan?
The MHA program continues to be the centerpiece of the company’s efforts to help struggling borrowers lower their mortgage payments to more affordable levels. Freddie Mac successfully implemented its two key programs supporting MHA – the Home Affordable Modification program (HAMP) and the Freddie Mac Relief Refinance MortgageSM. According to the MHA program administrator, since the programs debut in April 2009, we: • Initiated more than 143,000 trial modifications under the HAMP program – approximately 14,000 of those were converted into permanent modifications (as of 12/31/09). • Refinanced approximately 169,000 loans under the Freddie Mac Relief Refinance MortgageSM – reducing payments for these borrowers by an average of $2,000 annually. During the second half of 2009, Freddie Mac accelerated its efforts to convert more HAMP trial period loans into permanent modifications by implementing document collection and signature services, and door-knocking programs and by reaching out to di
Related Questions
- Is MGIC’s RTM Program only available for Fannie Maes Home Affordable Refinance options or Freddie Macs Relief Refinance MortgagesSM?
- Does my loan need to be owned by Fannie Mae or Freddy Mac to qualify for the Home Affordable program?
- What are the eligibility requirements to refinance under the Making Home Affordable Plan?
