The Obama administration on Thursday launched a new website to provide information to home owners about its mortgage modification and refinancing programmes. The website, www.makinghomeaffordable.gov is a joint effort of the US Treasury and the Department of Housing and Urban Development.
The administrations housing assistance offers two major components including a refinancing programme for current mortgages guaranteed by Fannie Mae and Freddie Mac for homes that have declined in value. The Treasury said the plan aim to help 7 million to 9 million homeowners who are making a "good-faith effort" to pay their mortgages.
"Putting resources and tools directly in the hands of homeowners will expedite the process of delivering relief to responsible homeowners, and stabilising the housing market is central to our overall economic recovery," Treasury Secretary Timothy Geithner said in a statement.