Making Homes Affordable

As of September 30, 2023, all programs under the Troubled Asset Relief Program (TARP) have officially concluded. This page offers a comprehensive look at the housing initiatives established by the Treasury under TARP. Notably, the Making Home Affordable (MHA) program concluded on December 31, 2016.

Background and Context

In early 2009, the U.S. economy grappled with the aftermath of a housing bubble that had inflated home prices rapidly. By the time the Obama Administration took office, home prices had plummeted for 30 consecutive months, with values declining by nearly one-third. This period saw Fannie Mae and Freddie Mac under conservatorship, posing significant challenges for American families striving to secure and retain their homes.

Initiatives and Responses

In February 2009, President Obama unveiled measures aimed at bolstering the housing market and aiding homeowners facing foreclosure challenges. Under TARP, the Treasury introduced two pivotal programs: Making Home Affordable® (MHA) and the Hardest Hit Fund® (HHF).

Transition and Continued Support

With the expiration of the Making Home Affordable (MHA) program in December 2016, direct resources under this initiative ceased. However, homeowners can still seek support through their mortgage companies or lenders, who continue to provide assistance. Directly contacting these entities is advisable to explore available solutions.

Key Facts and Impact

The Making Home Affordable® (MHA) program, launched under TARP, aimed to offer mortgage relief and prevent foreclosures. Central to MHA was the Home Affordable Modification Program (HAMP®), which reduced mortgage payments for eligible borrowers. MHA extended to include various specialized programs, collectively aiding over 1.8 million families and preserving homeownership.
Additionally, the Hardest Hit Fund® (HHF) targeted states profoundly affected by economic and housing market downturns. These states, selected based on unemployment rates and home price declines, received tailored foreclosure prevention solutions through HHF.

Treasury’s initiatives under TARP constituted a broader governmental effort to support homeowners, uphold communities, and sustain affordable mortgage rates. While specific programs like MHA have concluded, the legacy of empowering homeowners and fostering housing market stability endures.

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