Obama to announce expansion of mortgage modification program

David Brancaccio May 30, 2013
HTML EMBED:
COPY

Obama to announce expansion of mortgage modification program

David Brancaccio May 30, 2013
HTML EMBED:
COPY

With signs of vigor returning to the real estate market, it’s easy to miss the other reality: Many people got stuck with terrible mortgages during the boom years and the Obama administration says they still need help.

The President is set to announce an expansion of his Home Affordable Modification Program — or HAMP — today. It allows people who are falling behind on their house payments to get new terms. Treasury Secretary Timothy Geithner once referred to the program as a way to “foam the runway” as the real estate market tries to come to a safe landing.

Len Blum, a managing partner at Westwood Capital, joins Marketplace Morning Report host David Brancaccio to discuss.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.  

Need some Econ 101?

Our new Marketplace Crash Course is here to help. Sign-up for free, learn at your own pace.