HASP came into being in 2009 in response to the housing market crash that made life very difficult for many Americans. Also known as the Making Home Affordable Plan.
It called for the creation of various programs and support for lending institutions, consumers, and Fannie Mae and Freddie Mac. The Homeowner Affordability and Stability Program (HASP) has three main parts. Part one is to aid responsible homeowners who are suffering from falling home prices and have become underwater on their mortgages.
This is the origin of the HARP program, which helps people who have never defaulted on loans owned by Freddie Mae or Freddie Mac get approved for refinancing with more favorable conditions. Part two consisted of a $75 Billion Homeowner Stability Initiative which funded the HAMP program to help home debtors who were in danger of defaulting get refinanced as well.
Part 3 consisted of strengthening confidence is Freddie Mac and Fannie Mae, and supporting low mortgage rates as much as possible. All of this came about in 2009 in the wake of the housing bubble, and some of it, such as HAMP, has begun to phase out.
Some of the parts may last until 2020, and some may last well beyond that.
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