Housing Crisis: Help for Homeowners

What is the best way to help homeowners in crisis?
What is the best way to help homeowners in trouble?
As of now, there are at least six major plans in the works to help homeowners -- with more in the works.

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Making Home Affordable Plan

Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.

 

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JP Morgan Chase Loan Modification Program

The JP Morgan Chase & Co Program is expanding their mortgage modification program by undertaking multiple initiatives designed to keep more families in their homes. ...more
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HOPE for Homeowners Program (H4H)

The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. The Hope for Homeowners program is intended to provide homeowners with new, 30-year fixed rate mortgages insured by the Federal Housing Administration (FHA). ...more
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HopeNow Alliance Program

The Hope Now Alliance is a cooperative effort between the US government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages.

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IndyMac Federal Bank FDIC Program

The IndyMac Federal Bank, FDIC Program implement a new program to systematically modify troubled mortgages. The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. ...more
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Countrywide Homeownership Retention Program

The Countrywide Financial (Bank of America)Homeownership Rentention Program for Countrywide customer will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide customers nationwide. ...more

Helping Families Save Their Homes in Bankruptcy Act

This bill was first introduced and sponsored by Senator Richard Durbin [Democrat - Illinois] in the fall of 2007, when experts estimated that nearly 2 million homeowners were at risk of losing their homes to foreclosure. Today nearly 8.1 million homeowners -- nearly 16% of all homeowners are at risk of foreclosure. ...more
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Citi Homeowner Assistance Program

The Citi Homeowner Assistance Program will work to proactively help potential at-risk borrowers remain current on their payments and ultimately in their homes. The program begins November 11, 2008 and ends May 2009. ...more
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The Subprime Borrower Protection Plan

This proposal ensures that subprime borrowers will not be thrown out of their home because they cannot meet the terms of a predatory mortgage. ...more

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