U.S. Treasury Deptment Announces Mortgage Modification Guidelines

The Treasury Department today announced new guidelines "to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan." The press release states that the "guidelines will implements financial incentives for mortgage lenders to modify existing first mortgages and set standard industry practice for modifications." A summary of the guidelines was also released by the Treasury Department.

Further information including as to eligibility for refinancing or modification is available at http://www.financialstability.gov/makinghomeaffordable/.