Obama administration reveals plan to jump-start housing, extends HAMP to 2016

What? Not enough foam for the runway yet? Could have paid off every homeowner’s home in America with the money that Obama has allowed the Treasury and Fed to issue to the banks. Gotta think there was more to the 2008 crash than rotten MBS.

Justice League

Obama administration reveals plan to jump-start housing, extends HAMP to 2016

Speaking Thursday at the Making Home Affordable five-year anniversary summit, U.S. Treasury Secretary Jacob Lew announced several initiatives designed to spur the flailing housing market.

Lew identified three specific issues that are holding back housing in the United States and announced plans to address each of those issues.

Citing the lack of private capital in the market, the dearth of affordable rental options and the abundance of Americans who are facing foreclosure or are underwater on their mortgages, Lew announced three new plans:

  • The extension of the Making Home Affordable program until “at least December 31, 2016”
  • A plan to expand access to credit by working to revive the private-label mortgage-backed securities market
  • A new partnership between the Treasury and theDepartment of Housing and Urban Developmentto build new, affordable rental housing

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