WASHINGTON — The Obama administration Wednesday outlined details of a $75 billion housing rescue plan expected to help as many as 9 million American homeowners rework mortgages into more affordable monthly payments.
The program will apply to loans made on or before Jan. 1, 2009, and modifications will be allowed only once. Mortgages with a first loan of more than $729,750 do not qualify.
Details:
•Loan refinancing. Up to 5 million homeowners with a solid payment history on mortgages held or owned by Freddie Mac and Fannie Mae will be eligible to refinance into more affordable terms.
People will be able to refinance even if they have less than 20% equity in their homes, and an appraisal may not be necessary.
•Loan modifications. Lenders and other servicers can immediately begin making modifications that could help up to 4 million at-risk homeowners stay in their properties.
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