Fannie Mae’s HomeSaver Advance program, which was a foreclosure prevention alternative introduced in September 2008 to help homeowners who knew that they would be unable to fulfill a short-term repayment plan on delinquent mortgages save their homes, has helped a few homeowners over the past two years. However, Fannie Mae has found that the HSA program is in less demand as more loan modifications are being implemented. The program will be retired at the end of September 2010[1].
It seems like the move from unsecured promissory notes to more conventional loan modifications is a good move. Kudos to Fannie Mae for phasing out a program that was no longer working rather than hanging onto it for the tax dollars that its support might bring in. What do you think?
Thank you for reading! Your comments and questions are welcomed below.
[1] http://www.mortgageorb.com/e107_plugins/content/content.php?content.6407
This is a program that was initiated by the BUSH Administration…
And it’s under the OBAMA Administration that it is being phased out and “more loan modifications are being implemented”.
Can’t blame Obama for everything after all…..
(Interesting to see if this actually gets posted. Despite the “comments and questions are welcomed” tag on every post, this blog’s editor is very selective in what they allow. Freedom of speech champions… until it’s a viewpoint they don’t like. Kinda defeats the purpose of a blog with comments enabled.)