Stand up for nonprofit news & help us reach our $150k stretch goal! GIVE NOW

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.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.