Information about the Obama administration's Homeowner Affordability and Stability Plan has been released.
The plan provides for lower-cost refinancing loans through Fannie Mae and Freddie Mac, and a better loan modification program. However, while the plan will create incentives for lenders and servicers to cooperate with borrowers to arrive at loan modifications, it will still be voluntary.
The best part of the plan will require action by Congress- to amend the bankruptcy code to allow judicial modification of mortgages on a borrower's primary residence.
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Thoughts on consumer law and the economy from someone who doesn't know nearly enough about either of those things.
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See What Prevents Loan Modifications at Public Citizen's Consumer Law and Policy Blog.
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