The Homeowners Affordability and Stability Plan is a U.S. program announced on February 18, 2009, by U.S. President Barack Obama.
According to the US Treasury Department, it is a $75 billion program to help up to nine million homeowners avoid foreclosure, which was supplemented by $200 billion in additional funding for Fannie Mae and Freddie Mac to purchase and more easily refinance mortgages.
The plan also involves potentially forgiving or deferring a portion of the borrower's mortgage balance.
Mortgage servicers receive incentives to modify loans and to help the homeowner stay current, though participation by lenders is voluntary.
He suggested that individuals who knowingly obtained high-risk mortgages and faced impending foreclosure as a consequence were "losers.