U.S.Treasury Announces Extension of Making Home Affordable Program
U.S. Secretary Jacob J. Lew announced that the Obama Administration would be extending Making Home Affordable (MHA) at least until December 31, 2016. Speaking at the MHA five-year anniversary summit June 26, Lew announced the extension as part of a collaborative plan designed to reinvigorate the housing market. Celebrating the success of the MHA program, Lew said, “This innovative program has provided relief to homeowners across the country, including more than a million homeowners who have been able to permanently modify their mortgage through HAMP and save roughly $540 a month in mortgage payments. The Making Home Affordable program is not just helping families keep their homes, it is giving families peace of mind.” With the extension, homeowners will now have more time to restructure mortgage loans, avoid foreclosures and address homes that are underwater.