When President Obama came into office, the mantra and the rally call was for, “Change.” This philosophy is being implemented in many ways, both applauded and protested. Obama’s Federal Loan Modification is also about change, too, in the housing market, in your loan terms, and in your life.

The housing market has been impacted by the downward spiral of the economy. Housing sales are almost stagnant, market values have plummeted, and people are losing homes through foreclosures at a record rate. It is hoped that the Home Affordable Plan, which includes this mortgage modification plan, will stimulate the housing market, and subsequently, the economy.

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