{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='The Obama administration kicked off a new program Wednesday that\u0026#39;s designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.' data-url='/boclips/videos/5c54c280d8eafeecae15a334' data-video-url='/boclips/videos/5c54c280d8eafeecae15a334' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nThe Obama administration kicked off a new program Wednesday that\u0026#39;s designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eHEADLINE: Obama's housing plan: Just the factsCAPTION:  The Obama administration kicked off a new program Wednesday that's designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eHEADLINE: Obama's housing plan: Just the facts\u003cbr/\u003eCAPTION:  The Obama administration kicked off a new program Wednesday that's designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.  (March 4)\u003cbr/\u003e [Notes:ANCHOR VOICE]  \u003cbr/\u003eGood news for millions of homeowners facing financial trouble...\u003cbr/\u003eThe Obama administration has launched a new program dubbed \"Making Home Affordable\" \u003cbr/\u003e[Notes:SOT Alan Zibel, AP Real Estate Writer:  \"This is the most dramatic step the government has taken to tackle the foreclosure crisis.\"]\u003cbr/\u003eThe program has two parts..\u003cbr/\u003eOne will work with lenders to modify the loan terms for up to four million homeowners.\u003cbr/\u003eTo qualify ... eligible homeowners need their most recent tax return and two pay stubs ... as well as an \"affidavit of financial hardship\"\u003cbr/\u003eIt only applies for loans made on or before January first of this year ... and for mortgages less that 730-thousand dollars.\u003cbr/\u003eThe second part of the program will refinance up to five million homeowners into more affordable fixed-rate loans.\u003cbr/\u003eOnly those whose loans are held by Fannie Mae or Freddie Mac are eligible ... and they have until June 2010 to apply.\u003cbr/\u003e[Notes:SOT Alan Zibel, AP Real Estate Writer: \"There are a lot of borrowers out there who paid much more for their homes than they are now worth.  And if they're in that situation  ... they're not likely to qualify for either piece of this program.\"]\u003cbr/\u003eBut if they do qualify ... Officials are asking borrowers to be patient.\u003cbr/\u003e[Notes:SOT Alan Zibel, AP Real Estate Writer:  \"The amount of requests for this kind of aid is going to be overwhelming for mortgage companies and there's going to be millions of people around the country who will be asking for help.\"]\u003cbr/\u003eMeanwhile ... another part of Obama's housing plan is already in the works.\u003cbr/\u003eHouse Democrats agreed Tuesday to narrow proposed legislation that allows bankruptcy judges to change the terms of mortgage loans for borrowers in debt.\u003cbr/\u003eA full vote in the House could come as early as Thursday.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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