DEFINITION of 'Homeowner Affordability And Stability Plan - HASP'
A program rolled out in 2009 in an attempt to stabilize the U.S. economy. The Homeowner Affordability and Stability Plan (HASP) has three parts: refinancing options for stable homeowners, financial aid for seriously delinquent homeowners and support for Fannie Mae and Freddie Mac. The HASP was expected to benefit several million American families.
BREAKING DOWN 'Homeowner Affordability And Stability Plan - HASP'
The HASP was intended to prevent the housing values in entire neighborhoods from deteriorating by preventing foreclosures. The plan was specifically aimed at helping homeowners with mortgages that exceeded the value of their homes. The provisions can offer as much as $6,000 of relief against the decline in home value for many taxpayers.