Obama Administration to Expand Home Affordable Programs

WASHINGTON — The Obama administration is extending for another year a program aimed at helping people struggling to avoid foreclosure on their homes.

The administration is also expanding an effort to increase access to affordable rental housing. In addition, it is launching an effort to revive the portion of the mortgage market backed by private industry.

The Home Affordable Modification Program had provided relief to more than 1.3 million homeowners who have been able to permanently modify their mortgages to more affordable payments.

Additionally, the Treasury Department and the Department of Housing and Urban Development are joining efforts to support financing of FHA-insured mortgages for construction and renovation of rental housing.

In a further effort to expand access to mortgages for prospective homeowners, Treasury is launching an effort to revive the private-label securities market.

Prior to the housing crisis, private-label securities provided mortgages for many qualified borrowers who did not meet eligibility requirements by government-sponsored enterprises such as Fannie Mae and Freddie Mac.

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