In the days ahead, the Obama administration is expected to announce yet another initiative to help rescue the housing market. Just what the new plan will entail is unknown, but the New York Times and CNBC have speculated that it might unveil a program that would open up refinancing to borrowers who owe more on their loans than their homes are worth, allowing them to take advantage of current low mortgage rates. Such a move would enable many borrowers to keep their homes by making their monthly payments more affordable.
The Obama administration has unveiled several programs designed to help struggling homeowners and ease the foreclosure crisis -- and many of them have fallen short of their goals.
Here are some of the government's previous efforts, and how they've fared:
1. Home Affordable Modification Program (HAMP)
2. Second Lien Modification Program (2MP)
3. Hardest Hit States Fund
4. Home Affordable Foreclosure Alternatives (HAFA)
5. Principal Reduction Alternative (PRA)
6. Home Affordable Unemployment Program (HAUP)
7. FHA Short Refinance
8. Emergency Homeowner's Loan Program (EHLP)
9. Extended forbearance for FHA loans
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