Making Home Affordable Program Extended 2 Years

A federal program that helps troubled homeowners receive modified mortgages is being extended by two years, and will run to the end of 2015, administration officials said Thursday. The extension of the Making Home Affordable Program, which includes the Home Affordable Modification Program, follows a two-year extension of a government
refinancing program. “The housing market is gaining steam, but many homeowners are still struggling,” said Treasury Secretary Jacob Lew. “Helping responsible homeowners avoid foreclosure is part of our wide-ranging efforts to strengthen the middle class.” As of March, more than 1.1 million homeowners have received a permanent mortgage modification through HAMP. However, HAMP has come under fire for high default rates and fewer-than-expected modifications.

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