4.11: Mortgage Modifications
Instruct the Secretaries of the Treasury and Housing and Urban Development (HUD) to use their existing authority to more aggressively
modify the terms of mortgages.
Other Information:
Barack Obama was an early champion of the HOPE for Homeowners Act that passed over the summer. In addition, Obama insisted
that the financial rescue plan Congress recently passed include authority for the Secretary to work with servicers to modify
the terms of mortgages for homeowners who played by the rules. Obama and Biden believe that both of these plans should be
implemented aggressively and comprehensively. In addition, Obama and Biden are calling on Treasury and HUD to develop a plan
to work with state housing agencies to coordinate broad mortgage restructurings. The Dodd-Frank legislation gives states broader
authority to help struggling homeowners, and coordination is essential to ensure that state and national efforts are working
in concert to help as many homeowners as possible at the minimum cost to taxpayers.
Indicator(s):
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