Making Home Affordable pushes the nation's largest lenders and loan servicers to lower interest rates for existing or refinanced mortgages.
Few local banks are involved in the program — typically, because they no longer own or service the mortgages they originated — but many in Wichita's banking and real estate industries are following the effort to cushion the shock of foreclosures on the local housing market.
Making Home Affordable has two pieces: lowering interest rates on an existing mortgages and refinancing with a new mortgage.
A key point is that the program does not lower the principal, only the interest rate.
Source: Wichita Eagle, by Dan Voorhis, Sunday, December 6, 2009
