introduced in 2009 to help stabilize the U.S. housing market
and wider economy
. The program offers refinancing
options for stable
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.