Last week, President Obama announced the Homeowner
Affordability and Stability Plan as part of the broad, comprehensive
strategy to get the economy back on track. The plan will help up to 7
to 9 million families restructure or refinance their mortgages to avoid
foreclosure.
The plan not only helps responsible homeowners on
the verge of defaulting, but will assist neighborhoods and communities
also, as defaults and foreclosures contribute to falling home values,
failing local businesses, and lost jobs.