Read the article below from DS News who pulled its data from Tim Massad, assistant secretary for financial stability.
Looks like the program is extended through December 2013, they're considering pushing for principal reductions harder with bigger incentives (triple the original amount, but probably not nearly enough), and opening the doors to INVESTOR OWNED HOMES used for rentals. Read the article from DS News.
DS News reports:
The Obama administration has announced changes to its flagship foreclosure prevention initiative – the Home Affordable Modification Program (HAMP) – which officials say will expand its reach to more distressed homeowners.
Among the changes, borrowers who are struggling because of debt beyond their mortgage will be eligible for a secondary evaluation with more flexible debt-to-income criteria, and eligibility will be extended to investor-owned homes that are used as rental properties.
The administration is also giving principal reductions a bigger role within the program, tripling incentives for investors that agree to write down an underwater borrower’s principal and offering these same incentives to the nation’s two biggest mortgage investors – Fannie Mae and Freddie Mac.
The deadline for HAMP will be extended for an additional year through December 31, 2013.
(developing story)
*Additional details have been provided in a blog post by Tim Massad, assistant secretary for financial stability.
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