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As part of the 2012 State of the Union Address, President Barack Obama referenced a plan to give "every responsible homeowner the chance to save about $3,000 a year on their mortgage". Within the mortgage industry, this plan is being referred to as HARP 3.0. The plan has not passed.
The Obama administration has proposed a comprehensive revamp of the nation's housing finance business to reduce the nation's dependence on struggling government-backed enterprises Fannie Mae and ...
Lower interest rates stimulate the economy by making borrowing less expensive. The Fed lowered the target for the Federal funds rate from 5.25% to a target range of 0-0.25% since 18 September 2007. [12] [13] [14] Central banks around the world have also lowered interest rates.
The Homeowners Affordability and Stability Plan is a U.S. program announced on February 18, 2009, by U.S. President Barack Obama.According to the US Treasury Department, it is a $75 billion program to help up to nine million homeowners avoid foreclosure, which was supplemented by $200 billion in additional funding for Fannie Mae and Freddie Mac to purchase and more easily refinance mortgages. [1]
He continued: “A 40-year mortgage would lower monthly payments by extending the repayment period and possibly locking in an affordable market rate, making homeownership accessible to a broader ...
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