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"The plan I'm announcing focuses on rescuing families who played by the rules and acted responsibly," Obama said, announcing the Homeowner Affordability and Stability Plan, or HASP. He explained this would be done by "refinancing loans for millions of families in traditional mortgages who are underwater or close to it, by modifying loans for families stuck in subprime mortgages they can't afford as a result of skyrocketing interest rates or personal misfortune, and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments."
The Obama administration estimates that HASP will help 7 million to 9 million families avoid hardship or foreclosure. But many won't be eligible to get help because of the limitations and exceptions in the plan.
Probably the biggest hole in HASP is that it won't help many people where house prices have fallen mos