Obama announces Homeowner Affordability and Stability Plan

President Obama this week announced his plan to help 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. The Homeowner Affordability and Stability Plan contains three main elements:

1. Government-sponsored enterprise refinancing for responsible homeowners suffering from falling home prices
2. Three-year $75 billion initiative to reduce monthly payments for 3-4 million at-risk homeowners
3. Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac
   

Review the details of each element in this NAR Governmental Affairs Update.