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Treasury Notes

 Helping Homeowners Recover from the Financial Crisis

By: Adam Hodge
9/20/2013

Earlier this week, Secretary Lew attended a Making Home Affordable (MHA) Help for Homeowners event in Landover, Maryland.  While there, the Secretary met with homeowners affected by the financial crisis and participated in a roundtable discussion with the DC metropolitan area’s housing leaders to discuss local and national approaches to foreclosure prevention.

091713 JJL at MHA Event 2.jpg
Nearly 900 homeowners attended Tuesday’s event to meet face-to-face with their mortgage servicer, and U.S. Department of Housing and Urban Development (HUD) approved housing counselors. Together with the Hope Now Alliance and NeighborWorks® America, Treasury and HUD have co-hosted 88 Help for Homeowners events across the country, including three in Maryland, and reached more than 75,000 homeowners.

Helping responsible homeowners is a cornerstone of the President’s efforts to secure a better bargain for the middle class. MHA offers some of the deepest and most dependable assistance available to prevent foreclosure and help homeowners recover from the impact of the recession. That’s why earlier this year we extended the application deadline for MHA until December 31, 2015.  The program is a critical part of our efforts to reach as many struggling homeowners as possible while the need still exists. 

Between private and public sources, almost seven million permanent loan modifications and other homeowner assistance actions have been taken since 2009, more than double the number of foreclosure completions.  In MHA alone, more than 1.7 million homeowner assistance actions have taken place, including 1.2 million Home Affordable Mortgage Program (HAMP) permanent loan modifications.  In the DC metropolitan area, more than 50,000 homeowners have received assistance through HAMP, the sixth highest in the nation.

While there is still more work to do, our initiatives have directly and indirectly helped millions of homeowners avoid foreclosure. The housing market may have turned a corner, but millions still live under the threat of foreclosure, and that is why we will continue working hard to help our neighbors impacted by the crisis stay in their homes.

For more information about the Making Home Affordable Program and events in your area, visit MakingHomeAffordable.gov or call the Homeowner’s HOPE™ Hotline at (888) 995-HOPE (4673). 

Adam Hodge is a Spokesperson at the U.S. Department of the Treasury.

Posted in:  Making Home Affordable
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