homeowner affordability and stability plan (HASP)
Definition
A program introduced in 2009 to help stabilize the U.S. housing market and wider economy. The program offers refinancing options for stable homeowners, financial aid to delinquent homeowners, and financial aid to support Fannie Mae and Freddie Mac. The purpose of the program was to reduce the number of foreclosures by targeting homeowners with mortgages that exceeded the value of their homes, as well as keeping the major mortgage-backers operating.
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