In two months, the Obama administration's Making Home Affordable (MHA) program has provided lower-cost mortgages to over 50,000 homeowners. But the program is being implemented slowly and unevenly, reports the Washington Post, and this has left many lenders frustrated. In fact, last week mortgage financing company Fannie Mae got a temporary restraining order from the South Carolina Supreme Court to halt the foreclosure sale of over 1,000 properties so it could give the MHA program more time to work.
Today, Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan provided an update on the MHA program that contains new foreclosure alternatives and new protection alternatives for home price declines.
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