Homeowner Affordability And Stability Plan - HASP

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.

RELATED TERMS
  1. Hope For Homeowners

    A federal aid program aimed at helping homeowners who reside ...
  2. Home Affordable Refinance Program ...

    A mortgage refinancing program offered by the Federal Housing ...
  3. Making Home Affordable

    This program was designed to aid approximately seven to nine ...
  4. Underwater Mortgage

    A home purchase loan with a higher balance than the free-market ...
  5. Homeowners Protection Act

    A law designed to reduce the unnecessary payment of private mortgage ...
  6. Right Of Foreclosure

    A lender's ability to take possession of the property used to ...
Related Articles
  1. Insurance

    Insurance Tips For Homeowners

    Use these simple ideas to save money and get better coverage for your house.
  2. Brokers

    10 Insurance Tips For Homeowners

    Make sure you get the right home insurance coverage and compensation for your property.
  3. Home & Auto

    How Does A Reverse Mortgage Work?

    A homeowner who’s at least 62 years old can use a reverse mortgage to tap into her home’s equity for money. The house serves as the loan’s collateral. The loan is repaid when the homeowner dies, ...
  4. Brokers

    Guaranteed Replacement Value Insurance

    Make sure you get the right home insurance coverage and compensation for your property.
  5. Credit & Loans

    Why Fannie Mae And Freddie Mac Might Be In Trouble

    Fannie Mae and Freddie Mac are under increased scrutiny as debates continue about conservatorship, share price, and profit allocations.
  6. Home & Auto

    Mortgage Options For Underwater Homeowners

    Find out what options are available when your mortgage is greater than the value of your home.
  7. Budgeting

    Buying Too Much House

    Anyone who spends more than they earn will be facing bankruptcy in no time, but there are some other ways to go flat broke.
  8. Home & Auto

    When Does It Pay to Refinance Your Mortgage?

    Mortgage interest is among a homeowner’s biggest expenses, so refinancing is a popular way to lower costs, but it doesn’t always make sense.
  9. Home & Auto

    How To Afford A Second Home

    Buying a second home, even if it’s relatively affordable, takes careful budgeting and planning. Here's how to do it.
  10. Credit & Loans

    New Rules May Make It Easier to Get a Mortgage

    Fannie Mae and Freddie Mac have come to terms with lenders on how to solve mortgage disputes. This could be good news for people with lower credit ratings.
RELATED FAQS
  1. Is it a good idea to add a reverse mortgage to your retirement strategy?

    A reverse mortgage can be a great way to increase retirement income. Does it work for everyone? What happens after a homeowner ... Read Answer >>
  2. What are the best ways to pay off my mortgage quickly?

    Learn how mortgage payments may be reduced and how to save thousands on mortgage loans by lowering the interest and principle ... Read Answer >>
  3. Is homeowners' insurance required by law?

    Learn why it is always wise to protect your home with insurance even if it is not required. Understand how high-deductible ... Read Answer >>
  4. How does Fannie Mae (FNMA) make money?

    Fannie Mae is a government-sponsored enterprise (GSE) established in 1938 to expand the flow of mortgage money by creating ... Read Answer >>
  5. Is homeowners’ insurance tax deductible?

    Learn whether homeowners' insurance is tax-deductible, and find out about instances where you can deduct home insurance payments ... Read Answer >>
  6. What's the difference between short sales and foreclosures?

    Understand the difference between a short sale and a foreclosure; both result in the loss of a home, either through a sale ... Read Answer >>
Hot Definitions
  1. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  2. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  3. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  4. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
  5. DuPont Analysis

    A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are ...
  6. Call Option

    An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument ...
Trading Center