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What is the Homeowner Affordability and Stability Plan?

A:

Quick Answer

The Homeowner Affordability and Stability Plan debuted in 2009 in an attempt to steady the economy, explains Investopedia. The HASP intended to offer financial aid for seriously delinquent borrowers and to offer refinancing options for stable homeowners.

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Full Answer

The plan also intended to provide support for mortgage agencies Fannie Mae and Freddie Mac, according to Investopedia. Programs such as the Home Affordable Refinance Program and the Home Affordable Modification Program exist as of 2015 to help responsible borrowers who suffered from falling home prices, notes Fannie Mae. The Home Affordable Refinance Program helps borrowers refinance their Fannie Mae or Freddie Mac mortgages even if they owe more than the value of their homes.

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