ARTICLE · 05 APRIL 2010

Federal Government’s Foreclosure Alternatives Program Takes Effect On April 5, 2010

Day Pitney LLP

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On February 18, 2009, the Obama administration announced the creation of the Making Home Affordable Program (MHAP), which is intended to help resurrect the housing market by assisting homeowners to stay in their homes and avoid foreclosure.

United StatesFinance and Banking

Joy Harmon Sperling

J. Andres Mayor

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Introduction

On February 18, 2009, the Obama administration announced the creation of the Making Home Affordable Program (MHAP), which is intended to help resurrect the housing market by assisting homeowners to stay in their homes and avoid foreclosure. MHAP includes loan modification and refinance programs that are presently in effect. Participation in MHAP is mandatory for the 2,300 servicers of loans owned or guaranteed by Fannie Mae or Freddie Mac. Participation for all other servicers is voluntary but strongly encouraged. The servicers that elect to participate are contractually bound to agree that, among other things, they will evaluate borrowers for the MHAP programs, including loan modifications.

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