The Obama Administration recently established a new program to help millions of homeowners refinance or modify their mortgages.  The "Making Home Affordable" program is part of the Administration's plan to get the housing market back on track and to help everyday Americans who are struggling with their mortgages.

The plan will allow responsible homeowners who are paying their loans on time - including those whose home values have declined through no fault of their own - to take advantage of historically low interest rates and refinance their loans.  For borrowers who are struggling to make their payments but could stay in their homes with a little help, the plan provides a path for lenders to lower mortgage payments to an affordable level.

When this plan does not do is help speculators who took risky bets on a rising market, dishonest lenders who acted irresponsibly, or borrowers in homes they could never hope to afford.

If you or someone you know could benefit from this program to provide refinancing or modification options, I encourage you to visit the FinancialStability.gov website feature at http://www.financialstability.gov/makinghomeaffordable/index.html.  There are strict eligibility requirements for this program, but you can inquire at no cost and no obligation to see whether you qualify.

Preventing avoidable foreclosures benefits all of us - families, neighbors, communities, and our economy as a whole.  Getting our economy back on firm footing, providing jobs to more Americans, and making people secure in their homes is my top priority.  I hope that you will look into this new program if you or someone you know needs help with their mortgage situation.

Sincerely,

Barbara Boxer
United States Senator