HUD Outlines Homeowners' Rescue Plan - Black Enterprise
Black Enterprise Magazine September/October 2018 Issue


If you’re one of the seven to nine million homeowners whose monthly mortgage payments are taking their toll, the Obama administration’s Homeowner Affordability and Stability Plan, could help you refinance that loan into more affordable payments. This plan will be crucial to many black families who were disproportionately targeted by subprime loans.

“We’ve got to make sure that moving forward the right kind of products are available so that homeownership can truly be the American dream,” explains Shaun Donovan, secretary of Housing and Urban Development, in a conference call directed at African American media today.

Increased access to available credit through loan refinancing and modification is one of the expectations that HASP can provide for homeowners. First it will target four to five million homeowners who saw their property values fall. Eligible candidates must be current on their mortgages and have loans with Fannie Mae and Freddie Mac to refinance loans at lower interest rate.

Second, it will provide $75 billion from the Troubled Asset Relief Program in funding for three to four million homeowners that are most at risk to foreclosure. Finally, the plan, which is coordinated by the U.S. Treasury in conjunction with HUD, will commit up to $200 billion to Fannie Mae and Freddie Mac to keep credit flowing and strengthen mortgage affordability in the near future.

Donovan expressed concern about foreclosure scams and encouraged at risk homeowners to seek free access to the HASP by visiting and HUD-certified counseling agencies in their communities or by calling the HOPE NOW hotline at 888-995-HOPE.

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.