On February 1, President Obama released a fact sheet outlining his plan to assist the recovery of the housing market. The key aspects of the President’s plan include: (i) broad based refinancing; (ii) a new homeowner bill of rights; (iii) a pilot sale by the FHFA to transition foreclosed property into rental housing; (iv) providing a full year of forbearance to unemployed borrowers; (v) a joint investigation into mortgage origination and servicing abuses; and (vi) expanding HAMP eligibility and increasing modification incentives.
