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.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.