The administration of U.S. President Barack Obama on Thursday launched a new Website aimed at assisting homeowners with options to modify their mortgages and refinance their homes. The Website, www.makinghomeaffordable.gov, is a joint effort of the U.S. Treasury and the Department of Housing and Urban Development (HUD). The administration's housing assistance offers two major parts including a refinancing program for current mortgages guaranteed by Fannie Mae and Freddie Mac for homes that have declined in value. The other main component is a mortgage modification program for those who can no longer afford their mortgages, which shares the cost of reducing payments between the government and lenders and mortgage servicers. The Treasury said the plan aim to help 7 million to 9 million homeowners who are making a “good-faith effort” to pay their mortgages. “Putting resources and tools directly in the hands of homeowners will expedite the process of delivering relief to responsible homeowners, and stabilizing the housing market is central to our overall economic recovery,” Treasury Secretary Timothy Geithner said in a statement. The Treasury said it, HUD and other members of a government agency task force have also conducted detailed briefings and training sessions on the programs, briefing about 2,500 participants in the past two weeks, including mortgage loan servicers, investors, nonprofit housing counselors and borrower advocacy groups.
